Debit Card Transactions Drop in Volume but Increase in Value in April 2024, Reports 1Lattice

According to the latest data from 1Lattice, debit card transaction volumes have decreased by 16 per cent year-on-year in April 2024, while the value of these transactions increased by 8 per cent. On a month-to-month basis, the volume of transactions saw a slight decline of 5.6 per cent, and the value dropped by 4.1 per cent in the same month.

In April 2024, around 0.67 billion debit card transactions were recorded. Of these, 77 per cent were ATM transactions, 17 per cent were Point of Sale (PoS) transactions, and 6 per cent were E-commerce transactions. This compares to March 2024, which had approximately 0.71 billion transactions, with 78 per cent at ATMs, 16 per cent at PoS, and 6 per cent in E-commerce.

The total value of transactions in April 2024 was Rs 3.08 billion. ATM transactions made up 85.8 per cent of this value, PoS transactions accounted for 9.8 per cent, and E-commerce transactions were 4.4 per cent.

Over the past four years, debit and credit card transactions have grown significantly, with a Compound Annual Growth Rate (CAGR) of 20 per cent for debit cards and 19 per cent for credit cards. According to a recent report by PWC India, there are 71 million active credit cards as of FY22.

Experts predict that card-based transactions will continue to grow steadily, at a rate of nearly 16 per cent year-on-year over the next four years. This trend indicates a robust and evolving digital payment landscape in India.