In India, people use UPI or Unified Payments Interface for digital transactions. Millions of transactions are done every month through UPI.
Increased acceptability – Most used UPI in 2019
UPI has started coming to customers in India for digital payments. The use of UPI has increased the most in the year 2019. The report in this context was also released by Worldline Annual India Digital Payment. Debit cards, IMPS and credit cards have been the most used for digital payments after UPI.
Digital payment industry worth Rs 4,462 billion
Last year in 2019, a total of more than 20 lakh crore transactions were done through UPI, debit cards, IMPS and credit cards.
A report released by Assocham PwC stated that the Indian digital payment industry is worth about Rs 4,462 billion. It is expected to exceed Rs 9,310 billion by 2023.
India accounts for 1.56 per cent of digital payments worldwide. It could be 2.02 percent in the next four years.
According to the report, in 2019, the maximum digital payment has been used for Person to Person transactions and thereafter Person to Merchant. In 2019, Rs 18,36,000 crore transactions were done through UPI.
This is 214 percent more than the year 2018. IMPS has grown by 55 per cent year on year. In 2019, it had a transaction of Rs 21,80,000 crore. This is 41 percent more than in 2018.
