A brand new report titled ‘India Digital Payments Report Q3 2021’ by Worldline India states that regardless of the pandemic shocks over the previous two years, digital funds throughout the nation continued to develop.
Unified Payment Interface (UPI) volumes achieved the best ever transactions of over Rs 4 billion and Rs 7.71 trillion respectively in a transaction quantity of over 3.65 billion. From Q3 (July to September) 2021, UPI registered a 103 per cent improve in quantity and nearly 100 per cent improve in worth as in comparison with Q3 2020.
At least 54 % of UPI transactions have been P2P (person-to-person) whereas 46 % have been P2M (person-to-merchant). It is to be famous that 30 banks have joined the UPI ecosystem in Q3 2021, taking the whole variety of banks offering UPI providers to 259 as of September 2021.
The report stated that the whole variety of playing cards in circulation as of September 2021 was 98.53 crore. Of these, 92.03 crore have been debit playing cards and 6.50 crore have been bank cards, up 8.65 per cent and 10.78 per cent, respectively, year-on-year.
Further, the amount and worth of bank card transactions in Q3 2021 stood at Rs 55.72 crore and Rs 2.32 lakh crore, respectively. In Q3 2021, 148 crore transactions have been processed by way of debit playing cards, whereas the worth stood at Rs 1.88 lakh crore.
The Point of Sale (PoS) terminal depend additionally witnessed a rise throughout the 12 months with 47.1 lakh transactions in January 2021 and 49.7 lakh transactions in September 2021.
The report stated that the variety of QR-based cost acceptance options is rising quickly. As of September 2021, the variety of Bharat QR (BQR) transactions stood at 52 lakh and UPI QR stood at 11.96 crore, displaying an total progress of 116 per cent and 98 per cent, respectively.
This progress may be attributed to the operation of the Payments Infrastructure Development Fund (PIDF) scheme by the RBI, which envisages creating round 30 lakh service provider contact factors yearly for 3 years from January 1, 2021. As of September 2021, the variety of bodily cost acceptance gadgets deployed below the PIDF scheme stood at 2,45,000 whereas digital gadgets have been over 55.3 lakh.
Overall, non-public sector banks signify about 67 per cent of the POS terminal market whereas public sector banks account for 26 per cent. Payments banks have a market share of 6 %, and international banks proceed to signify a 1 % share. HDFC Bank, UCO Bank, Axis Bank, ICICI Bank, RBL Bank, State Bank of India are the highest acquirer banks to deploy POS terminals.
At bodily service provider contact factors—groceries, eating places, clothes and attire, pharmacy and medical, motels, jewellery retail, specialty retail, residence equipment and departmental shops—over 40 % by quantity and about 50 % by worth contribution of. Adds report.
Meanwhile, within the on-line house, e-commerce (purchasing for items and providers), gaming, utility and monetary providers contributed over 85 per cent when it comes to quantity and over 4 per cent in worth.
Maharashtra, Tamil Nadu, Karnataka prime the states with the best variety of transactions on bodily contact factors, whereas Hyderabad, Bengaluru, Chennai prime the cities.
“India is poised to become the largest and fastest growing digital payments market in the world. The PIDF status update published by RBI states that more than 56 lakh physical and digital devices have been deployed in Tier 3 to 6 centers apart from the north-eastern states by the end of September 2021,” stated Deepak, managing director, Worldline South Asia Chandnani stated. & Middle East.
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With inputs from TheIndianEXPRESS
