According to latest data by 1Lattice, on a year on year basis, debit cards transaction volume has decreased by a massive 16.4 per cent while the value decreased by 5.9 per cent in September 2023. Month on month, the total debit cards transaction volume decreased by 7.5 per cent in September 2023, while the value decreased by 5.7 per cent during the same month.
About 0.7 billion debit card transactions were carried out in September 2023, with 74.4 per cent of it constituting ATM transactions, 18.5 per cent in PoS and 7.1 per cent in Ecommerce. The number is less than in August, with approximately 0.8 billion debit card transactions in August 2023, 73.2 per cent of it being ATM transactions, 19.3 per cent in PoS and 7.5 per cent in Ecommerce.
In comparison to the volume of transactions, the month of September saw 3.1 billion worth of transactions. Out of this, transactions at ATMs were about 84.7 per cent, 10.1 per cent at PoS and 5.3 per cent at Ecommerce, said the 1Lattice data.
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 an uptick by a massive 11.3 per cent while the value has increased by 16.1 per cent in September 2023. Month on month, the total credit cards transaction volume decreased by 5.8 per cent in September 2023, while the value decreased by 4.2 per cent during the same month.
About 0.3 billion credit card transactions in volume were carried out in September 2023, with 52 per cent of it constituting PoS transactions, 48 per cent in Ecommerce and 0.3 per cent in ATMs. The number is same as recorded in August with 52.2 per cent of it being PoS transactions, 47.5 per cent in Ecommerce and 0.3 per cent in ATMs.
In comparison to the volume of transactions, the month of September saw 1.4 billion worth of transactions. Out of this, transactions at PoS were about 34.6 per cent, 65.1 per cent at Ecommerce and 0.3 per cent at ATMs, the data added.
