{"id":17570,"date":"2024-04-03T22:25:52","date_gmt":"2024-04-03T22:25:52","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/03\/ecomm-gaming-financial-services-comprise-80-of-online-transactions-in-h2-2023-report\/"},"modified":"2024-04-03T22:25:52","modified_gmt":"2024-04-03T22:25:52","slug":"ecomm-gaming-financial-services-comprise-80-of-online-transactions-in-h2-2023-report","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/03\/ecomm-gaming-financial-services-comprise-80-of-online-transactions-in-h2-2023-report\/","title":{"rendered":"Ecomm, gaming, financial services comprise 80% of online transactions in H2 2023: report"},"content":{"rendered":"
\"Ecomm,<\/div>


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Ecommerce, gaming, utilities, government and financial services<\/a> accounted for nearly 80% of total online transactions<\/a> during the second half of 2023, according to a report by French payment firm Worldline.<\/p>\n

Also, in-store transactions saw merchant categories such as grocery stores, restaurants, service stations, clothing stores, pharmacies and hospitals accounting for around 65% of transaction volume and nearly 50% of total value in the same period, the India Digital Payments Report H22023 said on Wednesday.<\/p>\n

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In terms of payment modes<\/a> used, Unified Payments Interface (UPI) continues to be the most popular, the report said. The number of UPI transactions grew 56% year-on-year <\/a>between July and December 2023, with the volume rising to 65.7 billion from 42.1 billion in the second half of 2022. The value of these transactions also surged 44% to Rs 99.68 lakh crore.<\/p>\n

The report also highlighted a significant increase in payment acceptance channels in India. Between July and December 2023, the number of point-of-sale (PoS) terminals grew 26% to reach 8.5 million. Private sector banks dominated this space with a 73% market share, while public sector banks accounted for 18%. Additionally, UPI QR transactions rose 57% to 317 million during this period.<\/p>\n

Also read | NPCI eyes a more evenly sliced UPI pie<\/a><\/p>\n

\u201cThe proliferation of PoS terminals<\/a> has reached unprecedented levels, concurrent with the ascendance of mobile payments as a dominant transaction avenue. This underscores the necessity for fintechs to adjust to a diverse array of payment channels,\u201d Ramesh Narasimhan, chief executive officer, Worldline India, said.<\/p>\n

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Discover the stories of your interest<\/h3>\n<\/div>\n
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Surge in UPI<\/strong>
While the number of UPI payments and the value settled went up, the average ticket size of these transactions fell.<\/p>\n

The average ticket size (ATS) of UPI transactions<\/a> declined 8% to Rs 1,515. For peer-to-peer (P2P) transactions, the ATS grew 4% to Rs 2,745, while for merchant transactions it fell 9% to Rs 656.<\/p>\n

The high-transacting categories in the UPI person-to-merchant (P2M) transaction space include groceries, supermarkets, restaurants, and telecommunication services.<\/p>\n

Major UPI players such as PhonePe, Google Pay and Paytm continued to dominate the market. In December 2023, they collectively accounted for 95.4% of all transactions by volume, compared to 94.8% in December 2022.<\/p>\n

Cards trailing<\/strong>
The report also noted a modest growth in the total number of cards in circulation, reaching 1.3 billion in December 2023. Credit cards saw the highest surge with a 21% year-on-year growth to 97.9 million, followed by a 13% growth in prepaid cards and a 2% growth in debit cards. The volume of card transactions declined by 7% to 3.7 billion. However, total card transactions volume on PoS terminals in the second half of 2023 grew by 8% to 2.18 billion.<\/p>\n

Also, in the electronic toll collection space, the number of tags issued increased by 45% from 55.9 million in July 2022 to 81.2 million in December 2023.<\/p>\n<\/div>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Ecommerce, gaming, utilities, government and financial services accounted for nearly 80% of total online transactions during the second half of 2023, according to a report by French payment firm Worldline. Also, in-store transactions saw merchant categories such as grocery stores, restaurants, service stations, clothing stores, pharmacies and hospitals accounting for around 65% of transaction volume […]<\/p>\n","protected":false},"author":2,"featured_media":17571,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/88591548.cms","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[23030,23029,4073,23028,3278,3729,23024,23027,23026,61,3282,23031,23025],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/17570"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=17570"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/17570\/revisions"}],"predecessor-version":[{"id":17572,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/17570\/revisions\/17572"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/17571"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=17570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=17570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=17570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}