In today’s edition of our monthly Digital Payments track, we cover the key highlights for the month of Aug’24.
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Non-cash retail value of transactions witnessed a ~17% Y-o-Y growth in Aug’24. This was followed by a marginal dip of 1.4% M-o-M to INR 74.3T in Aug’24 from INR 75.3T in Jul’24.
According to the RBI data, the total number of active credit cards in India continued to grow, with banks adding over 9.2L new cards in Aug’24. This marks an increase from the 7.5L cards added in July’24, bringing the total credit cards in circulation to 10.5 Cr.
Credit card additions grew by 15.6% Y-o-Y in Aug’24. HDFC Bank led the market with 2.41L new cards in August, bringing its total to 2.19 Cr. ICICI Bank followed with 1.45L new cards, bringing its total base to over 1.75 Cr. Axis Bank added 1.27L cards, while SBI Cards issued 1.1L new cards.
UPI transactions saw a 3% M-o-M and 41% Y-o-Y growth in volume in Aug’24 to 14.9B, the highest ever since the digital payment platform turned operational in Apr’16. However, in value, the month saw a marginal dip to INR 20.61T in Aug’24, compared to INR 20.64T in Jul’24.
Average daily transactions reached 483M, with a daily transaction value of INR 66,475 Cr. This marks the fourth consecutive month where UPI transactions exceeded INR 20T.
India now leads the world in digital transactions, with over 40% of payments made digitally, primarily through UPI. The RBI is also working to make UPI and RuPay globally recognized. UPI’s growth is being fueled by the addition of 6M new users each month, driven by the RuPay credit card integration and UPI’s international expansion. NPCI is targeting a future milestone of 1B transactions per day.
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