PoS terminals grow close to 9 million

At the end of H1 2024, there were 8.96 million PoS terminals against 7.65 million in January 2023. Axis Bank, ICICI Bank, RBL Bank, HDFC Bank, State Bank of India, IndusInd Bank, Canara Bank, Yes Bank, Kotak Mahindra Bank and Bandhan Bank accounted for 95% of terminals deployed as of June 2024.

Private Sector banks dominated the space with 80.6 per cent market share while Public Sector Banks accounted for 18.6 per cent. Foreign and Small Finance banks have a sub-1 per cent market share while Payment Banks have no terminals deployed at all. Payment banks have lost their market share in a year’s time as in 2H 2023 they accounted for about 8 per cent of terminals deployed, as per the data from Wordline India.

Meanwhile, UPI QRs touched 340 million, reflecting the robust growth in UPI transactions. Bharat QRs stood at 6.16 million.

Mobile payments or transactions done using mobile phone apps were dominated by UPI-based transactions, while payments using bank accounts were also sizable. The volume of mobile transactions in 1H 2024 was 76.04 billion compared to 52.15 billion in 1H 2023 - a 46 per cent increase. The value of mobile transactions in 1H 2024 grew 36 per cent to Rs 179.41 trillion compared to Rs 132.40 trillion in 1H 2023.

In 1H 2024, the volume of net banking transactions was up 9 per cent to 2.31 billion. In terms of value, met banking transactions in 1H 2024 was up 18 per cent to Rs 553.78 trillion.

The number of electronic toll collection tags issued moved up to 94.56 million. This is a reflection of car sales and mandates around electronic toll collection. In terms of volume, transactions in 1H 2024 stood at 2 billion compared to 1.85 billion in 1H 2023.