According to latest data by 1Lattice, on a year on year basis, debit cards transaction volume has decreased by a massive 16 per cent while the value of transactions decreased by approximately 9 per cent in May 2024. On the other hand, credit cards transaction volume and value has picked up in May on a yoy basis by 32 per cent and 17 per cent respectively.
However, on a month-on-month basis, the total debit cards transaction volume witnessed a slight decline by 1.3 per cent in May 2024, while the value decreased by 2 per cent during the same month.
About 0.66 billion debit card transactions were carried out in April 2024, with 77 per cent of it constituting ATM transactions, 17 per cent in PoS and 6 per cent in E-commerce. The numbers had a slight difference compared to April 2024, with approximately 0.67 billion debit card transactions in April, 77 per cent of it being ATM transactions, 17 per cent in PoS and 6 per cent in E-commerce.
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In comparison to the volume of transactions, the month of April saw Rs 3.02 billion worth of transactions. Out of this, transactions at ATMs were about 85.6 per cent, 9.9 per cent at PoS and 4.5 per cent at E-commerce, said the 1Lattice data.
Additionally, in the debit cards segment, State Bank of India, remained the front runner in the Debit cards market, holding a whopping 24 per cent market share in May 2024. Top banks followed the list like Bank of Baroda which held about 10 per cent market share, followed by Canara Bank, Union Bank and HDFC Bank with approximately 6 per cent market share each and Bank of India with a 5 per cent market share.
ALSO READ: HDFC Bank frontrunner in credit cards market, SBI leads in debit cards in May’24
In the past four years, debit and credit card transactions have grown at a CAGR of 20 per cent and 19 per cent respectively. There is said to be 71 million active credit cards in FY22, a recent report by PWC India highlighted.
It is expected that card-based transactions will continue to witness steady growth, at almost 16 per cent year on year for the next four years.
Credit Card transactions witness uptick
On a year on year basis, credit card transactions volume has witnessed a massive uptick by 32 per cent while the value has also increased by a whopping 17 per cent in May 2024. However, month-on-month the total credit cards transaction volume increased by a marginal 4.6 per cent in May 2024, while the value increased by 5.4 per cent during the same month.
Also, in the credit cards segment, HDFC Bank continued to lead the race in credit cards market with a 20 per cent share. SBI Cards, ICICI Bank and Axis Bank followed the list with 19 per cent, 17 per cent and 14 per cent market share respectively in May, 2024.
ALSO READ: Decline in debit cards transaction volume by 16%, credit cards witness uptick in Apr’24
Approximately 0.36 billion credit card transactions in volume were carried out in May 2024, with 52.8 per cent of it constituting PoS transactions, 46.9 per cent in E-commerce and 0.2 per cent in ATMs. The number has marginal difference to that recorded in April 2024, highlighted the 1Lattice data.
In comparison to the volume of transactions, the month of May saw Rs 1.65 billion worth of transactions. Out of this, transactions at PoS were about 38.6 per cent, 61.1 per cent at Ecommerce and 0.3 per cent at ATMs, the data added.
