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UPI most preferred digital payment mode among consumers: Worldline India English.Lokmat.com

UPI most preferred digital payment mode among consumers: Worldline India

Unified Payments Interface (UPI) remained the most preferred payment mode in 2020 among consumers with a person-to-merchant (P2M) market share volume of 41 per cent, Worldline India said on Thursday.
UPI most preferred digital payment mode among consumers: Worldline India

Unified Payments Interface (UPI) remained the most preferred payment mode in 2020 among consumers with a person-to-merchant (P2M) market share volume of 41 per cent, Worldline India said on Thursday.

This was followed by prepaid payment instruments (PPIs) at 26 per cent. Total spends through PPI instruments increased by 65 per cent during the year while mobile wallets witnessed negative growth of 8 per cent in volume and 16 per cent in value.

Cards dominate payments when it comes to value of transaction with debit cards at 40 per cent and credit cards at 28 per cent. RBL Bank, HDFC Bank, SBI, ICICI Bank and Axis bank are the top five merchant acquiring banks to deploy point-of-sale (POS) terminals in 2020, said the report by Worldline India.

The total number of cards in circulation stood at 94.7 crore as of December 2020. Out of the total cards in circulation, debit cards accounted for 94 per cent while credit cards represented a 6 per cent market share.

Interestingly, 15 banks account for 95 per cent of credit cards issued while 40 banks account for 99 per cent of debit cards issued.

Transactions processed at physical touch points like grocery stores, fuel stations, clothing and apparel, pharmacies, restaurants and specialty retail together accounted for 80 per cent in volume and 60 per cent in value, according to the report.

Financial services, government institutions and education sector accounted for about 20 per cent in volume and 75 per cent in value in the online space. Gaming, e-commerce and utility services contributed to about 80 per cent in volume and over 20 per cent in value in the online space.

As of December 2020, the average ticket size of credit cards was Rs 3,653 and Rs 2,568 of debit cards. The number of POS terminals deployed witnessed an all-time high figure of 57 lakh in December 2020, marking a year-on-year growth of 15 per cent.

Maharashtra, Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Delhi, Uttar Pradesh, Gujarat, West Bengal and Telangana.

The top 10 states with highest transactions at physical touch points in 2020 were Maharashtra, Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Delhi, Uttar Pradesh, Gujarat, West Bengal and Telangana.

And the top 10 cities were Bengaluru, Chennai, Mumbai, Hyderabad, Pune, Delhi, Coimbatore, Kolkata, Ernakulam and Ahmedabad.

"New and old payment channels have catered to market needs, ensuring long-term growth not only in terms of on-boarding new merchants and customers in the payment ecosystem but also increasing the number of digital transactions," said Deepak Chandn, Managing Director, Worldline South Asia and Middle East.

New payment systems like FASTag and Bharat BillPay matured in the previous year while payment gateways continued to be the reliable partners to facilitate end to end payments for consumers and merchants alike, he added.

Worldline India is wholly-owned by Worldline SA -- a global transactions facilitator in all spectrums of the digital payments ecosystem.

( With inputs from ANI )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

UPI most preferred digital payment mode among consumers: Worldline India
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