Overview
In today’s edition of our monthly Digital Payments track, we cover the key highlights for Sept’24.
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In Sept’24, credit card spending saw robust growth, increasing 25% Y-o-Y, the highest jump in 6 months. This surge was primarily driven by a lower spending base in the previous year and the onset of the festival season.
In the debit card market, HDFC Bank and Axis Bank showed notable Y-o-Y growth, achieving increases of approximately 19% and 10%, respectively, while SBI still maintained its leadership in the debit card market, holding 24% of the market share.
UPI transactions saw a 1% M-o-M growth in volume in Sep’24 to 15.04B , the highest ever since the digital payment platform turned operational in Apr’16. However, in terms of value, the month only saw a marginal increase to INR 20.63T in Sep’24, compared to INR 20.6T in Aug’24.Navi has emerged as India’s fifth-largest player within the UPI ecosystem. In Sept’24, the company processed 120.41M UPI transactions, with a total value reaching INR 6,549 Cr driven by cashback and rewards for customers using its UPI service.
PhonePe has achieved a remarkable milestone in the global payments arena, recording the highest annualized total payment value worldwide in 2024. With a TPV of US$ 1,545B, PhonePe has outpaced major industry players like PayPal, Stripe, and Adyen, establishing itself as a leading force in the payments sector.
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