Worldline India Digital Payments Report 1H 2024

The 1H 2024 India Digital Payments Report reveals impressive growth in India’s digital payment ecosystem, emphasizing the nation's ongoing digital transformation. Worldline is dedicated to driving this change. UPI continues to dominate, 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.

At Worldline, our mission is to foster the adoption of these digital solutions, creating a secure ecosystem for consumers and businesses alike. We believe that as India embraces digital payments, the resulting benefits will extend beyond mere convenience, driving economic participation, financial inclusion, and overall growth in the economy.The number of PoS terminals has witnessed a record high while mobile payments have become a dominant payment channel. This highlights that Fintechs need to adapt to multiple payment channels. Worldline India is a beacon of innovation and reliability, offering solutions to meet the payment needs of businesses across all sectors and sizes. This report also features an article on the paramount importance of compliance and its integral role in the fintech business. We are confident you will find this report to be an insightful read.