Debit and Credit Card Transactions Show Mixed Trends in February 2024

According to the latest data from 1Lattice, debit card transactions experienced a significant decline on a year-on-year basis in February 2024. The volume of transactions dropped by a substantial 13 per cent, while the value decreased by approximately 4 per cent. However, month-on-month, there was a slight decline in both volume and value, with a decrease of 3.7 per cent and 1.9 per cent, respectively.

In February 2024, around 0.66 billion debit card transactions were recorded, with the majority (77.1 per cent) taking place at ATMs, followed by 16.7 per cent at Point of Sale (PoS) terminals and 6.2 per cent in E-commerce. This showed a marginal difference compared to January 2024.

Regarding transaction value, February saw Rs 2.99 billion worth of transactions, with the majority (85.6 per cent) occurring at ATMs, followed by 9.4 per cent at PoS terminals and 5 per cent in E-commerce.

In contrast, credit card transactions witnessed a significant uptick in volume and value on a year-on-year basis in February 2024. Volume increased by 34 per cent, and value increased by 26 per cent. However, month-on-month, there was a decrease in both volume and value, with a decline of 5.4 per cent and 10.3 per cent, respectively.

Approximately 0.31 billion credit card transactions were recorded in February 2024, with the majority (51.9 per cent) at PoS terminals, followed by 47.9 per cent in E-commerce and 0.3 per cent at ATMs. The transaction volume and distribution were similar to January 2024.

In terms of transaction value, February saw Rs 1.49 billion worth of transactions, with the majority (63.4 per cent) in E-commerce, followed by 36.4 per cent at PoS terminals and 0.3 per cent at ATMs.