In the dynamic landscape of financial transactions, February 2024 witnessed intriguing trends in card-based payments. Let’s delve into the data and explore what unfolded:
Debit Card Transactions: A Downturn
Year-on-Year Decline
- Volume: Debit card transactions experienced a substantial 13% decline compared to the previous year.
- Value: The total value of debit card transactions decreased by approximately 4%during the same period.
Month-on-Month Insights
- Despite the yearly dip, the month of February saw a slight decline in debit card transactions:
- Volume: A 3.7% decrease from January 2024.
- Value: A 1.9% decrease during the same month.
Breakdown of Debit Card Usage
- In February 2024, approximately 0.66 billion debit card transactions took place:
- 77.1% were ATM transactions.
- 16.7% occurred at Point of Sale (PoS) terminals.
- 6.2% were in the realm of E-commerce.
Comparing with January 2024
- January 2024 recorded around 0.69 billion debit card transactions:
- 76.2% were ATM transactions.
- 17.3% took place at PoS terminals.
- 6.5% were E-commerce transactions.
Transaction Value
- In terms of value, February 2024 saw a total of Rs 2.99 billion worth of debit card transactions:
- 85.6% occurred at ATMs.
- 9.4% were PoS transactions.
- 5% were E-commerce transactions.
Credit Card Transactions: An Uptick
Year-on-Year Growth
- Credit card transactions experienced a remarkable surge:
- Volume: A whopping 34% increasecompared to the previous year.
- Value: The total value of credit card transactions rose by 26% during the same period.
Month-on-Month Trends
- Despite the yearly growth, February 2024 witnessed a slight dip in credit card transactions:
- Volume: A 5.4% decrease from January 2024.
- Value: A 10.3% decrease during the same month.
Breakdown of Credit Card Usage
- In February 2024, approximately 0.31 billion credit card transactions occurred:
- 51.9% were at PoS terminals.
- 47.9% took place in the E-commerce space.
- A mere 0.3% happened at ATMs.
Comparing with January 2024
- January 2024 recorded similar numbers:
- 52.3% were PoS transactions.
- 47.4% were E-commerce transactions.
- Again, 0.3% occurred at ATMs.
Conclusion and Future Outlook
- The past four years have seen consistent growth in both debit and credit card transactions.
- With 71 million active credit cards in FY22, the trend is expected to continue.
- Card-based transactions are poised for steady growth, projected at nearly 16% year-on-year over the next four years.
Remember, whether you’re swiping a debit card or tapping a credit card, these little plastic rectangles are shaping the future of finance! 🌟💳
Source: 1Lattice
Discover more from NewNerve
Subscribe to get the latest posts sent to your email.