Key findings from Worldline India Digital Payments Report 1H 2024

In this episode of PayTech Bytes, we deep dive into the key findings from the newly released Worldline India Digital Payments Report 1H 2024 with Sunil Rongala, Senior VP, Strategy, Innovation and Analytics at Worldline India. The discussion delves into UPI's domination, with over 78 billion transactions in the first half of 2024, marking a 52% increase from the previous year. This surge, especially in person-to-merchant (P2M) transactions, underscores UPI's status as the preferred option for micro-transactions and suggests potential for larger transactions in the future. While UPI thrives, credit card usage has risen, particularly for high-value transactions, whereas debit card volumes have declined, highlighting UPI's influence. The payment infrastructure is also expanding, with over 8.96 million Point of Sale (POS) terminals deployed, alongside a growing number of UPI QR codes. This expansion indicates that merchants across various sectors, from grocery stores to e-commerce, are increasingly prepared to accept digital payments.

The report also discusses the Unified Lending Interface (ULI), which aims to enhance financial inclusion by integrating various lending products into a single digital platform. ULI will make credit more accessible to underserved populations, reduce borrowing costs, and transform lending practices, promoting efficiency and transparency.

Download the full report here - Worldline India Digital Payments Report 1H 2024

Listen to the Podcast here - Key findings from Worldline India Digital Payments Report 1H 2024

We hope you find the key highlights insightful about the payment landscape, surge of UPI dominance in India toward its financial inclusion. Stay tuned for the next episode of Paytech Bytes, you can reach us at ⁠⁠⁠⁠marketing.worldlineindia@worldline.com.