UPI, digital wallets gain traction, making up 69% of merchant transactions: Report
5 months, 1 week ago

UPI, digital wallets gain traction, making up 69% of merchant transactions: Report

The Hindu  

UPI, digital wallets and cards are making up 69% of merchant transactions, according to a consumer survey by Kearney and Amazon Pay. UPI and digital wallet are preferred for small transaction sizes and online purchases, while credit cards are preferred for high value offline and online purchases. While UPI reigns supreme with 53% of consumers preferring it for online purchases, digital wallets and cards are preferred by 30% of consumers. In offline purchases, cash is still predominant with 25% of consumers preferring UPI and 20% of them preferring digital wallets and cards.

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History of this topic

UPI enables expansion of credit among underserved borrowers: Study
2 weeks, 1 day ago

UPI enables expansion of credit among underserved borrowers: Study

New Indian Express  

BENGALURU: Unified Payments Interface has enabled underserved borrowers to access formal credit for the first time as loans to new-to-credit borrowers in regions with high UPI adoption have increased by 4% and to subprime borrowers by 8%, according to a study. Titled Open Banking and Digital Payments: Implications for Credit Access, the study points out that the UPI, since its …

UPI grows in India: Here's how many users adopting it every month, what's fueling it
5 months ago

UPI grows in India: Here's how many users adopting it every month, what's fueling it

India TV News  

The digital payment sector continues to grow rapidly, with the Unified Payments Interface adding up to 60 lakh new users every month. According to the latest data from the National Payments Corporation of India, the number of transactions on the UPI platform increased by 49 percent year-on-year to 13.9 billion in June, with the transaction value rising by 36 percent …

Digital penetration: 65% of transactions done online in small towns
5 months, 2 weeks ago

Digital penetration: 65% of transactions done online in small towns

New Indian Express  

BENGALURU: Digital payments have penetrated small towns, as 65% of their transactions are digital, compared to 75% in larger cities. Interestingly, DDPU surpasses retail potential in some cities, such as Lucknow, Patna, Bhopal, Jaipur, Bhubaneswar, Indore, Ahmedabad, and Pune, which have a high DDPU nearly matching that of larger metropolitan cities despite having a lower retail potential than the top …

UPI transactions increasing in small towns in India but THIS age group still uses wallet, card
5 months, 2 weeks ago

UPI transactions increasing in small towns in India but THIS age group still uses wallet, card

India TV News  

A new report revealed that approximately 65 percent of transactions by consumers in small-town India are now digital, while in larger cities, this ratio is around 75 percent. The report, conducted by Kearney India and Amazon Pay India, highlights the leading role of India's millennials and Gen X in spearheading the digital payment revolution. Shashwat Sharma, Partner and Financial Services …

UPI increases convenience but leading to another problem: Here's what experts have to say
7 months, 1 week ago

UPI increases convenience but leading to another problem: Here's what experts have to say

India TV News  

As more and more people in India embrace digital and cashless payments, they are using the Unified Payments Interface to purchase not only daily essentials but also expensive home appliances, high-end gadgets, and designer clothing. However, experts warn that the seamless and quick digital transaction process via UPI may lead people to overspend on items they may not need. According …

Banks rely on AI as digital transactions grow, and methodology of frauds evolves
7 months, 2 weeks ago

Banks rely on AI as digital transactions grow, and methodology of frauds evolves

Hindustan Times  

India’s digital transactions continue to see rapid growth, and that translates to big volumes. On April 24, the Reserve Bank of India barred Kotak Bank from issuing new credit cards for now, due to “the absence of a robust IT infrastructure and IT Risk Management framework.” It draws on a mix of factors, including reliability of the bank’s infrastructure alongside …

The UPI paradox: Making you overspend but helping others save
7 months, 2 weeks ago

The UPI paradox: Making you overspend but helping others save

India Today  

A small UPI code peeks out of the green coconuts heaped on Yuvraj Yadav's handcart outside a park in Delhi's GK-1. "A significant majority, 74.2% of the respondents, admitted to experiencing increased spending after adopting UPI," Dhruv Kumar, Assistant Professor of IIIT Delhi, tells IndiaToday.In. "Academic research suggests that paying with cash makes people spend more consciously than using digital …

Digital payment trends: UPI transactions skyrocket to an astounding 9.3 billion in June 2023, says study
1 year, 2 months ago

Digital payment trends: UPI transactions skyrocket to an astounding 9.3 billion in June 2023, says study

Live Mint  

Worldline, a prominent player in payment services worldwide, has released its India Digital Payments Report for H1 2023. The total value of card transactions in H1’23 amounted to Rs 11.35 trillion, representing an 11.7 per cent increase from H1’22. Concerning transaction value, NB transactions in H1’23 totalled Rs 468.8 trillion, compared to Rs 442.4 trillion in H1’22, indicating a 5.9 …

The Maths behind the rise in credit card transactions in India
1 year, 6 months ago

The Maths behind the rise in credit card transactions in India

Live Mint  

Rise in credit card transactions in India: After the Unified Payments Interface, now credit card transactions have surpassed debit card usage in India. When compared to debit cards, credit card transactions had a total value of ₹1.33 lakh crore as opposed to ₹53,000 crore. Historically dominated by debit card transactions, the shift towards credit cards is driven by several factors, …

In May, UPI hits record 9 billion transactions worth ₹14 lakh crore. Top points
1 year, 6 months ago

In May, UPI hits record 9 billion transactions worth ₹14 lakh crore. Top points

Hindustan Times  

The Unified Payments Interface hit record 9 billion transactions in May, according to data released by the National Payments Corporation of India. Let's continue this journey of growth and innovation!” The overall value of the transactions in May stood at 14.89 lakh crore and saw an increase of 43% on year-over-year basis. The overall value of the transactions in May …

UPI Supremacy In Retail Sales: 70% MSMEs Believe UPI Drives More Sales For Them
1 year, 7 months ago

UPI Supremacy In Retail Sales: 70% MSMEs Believe UPI Drives More Sales For Them

News 18  

70% of Ministry of Micro, Small & Medium Enterprises believe more than half of their retail sales will be via UPI, found NeoInsights study titled ‘Decoding Digital Payments: A Retailer Perspective’, recently released by NeoGrowth, an MSME-focused digital lender in India. The study covered the digital payments adoption behaviour of Indian retailers across 25+ cities and 70+ industry segments. UPI …

India expected to become 50% non-cash economy in consumption by 2026
1 year, 7 months ago

India expected to become 50% non-cash economy in consumption by 2026

Firstpost  

India is expected to become a 50 per cent non-cash economy in consumption in the next three years. According to a new report, the person-to-merchat digital transactions could reach over $1.5 trillion by the Financial Year 2026. Saurabh Trehan, Partner and Leader of the Financial Services practice, Bain & Company, said, “With the current technical and financial momentum, India is …

What's Changing With UPI Merchant Transactions from April 1? EXPLAINED
1 year, 8 months ago

What's Changing With UPI Merchant Transactions from April 1? EXPLAINED

News 18  

National Payments Corporation of India on Wednesday said there is no charge for the bank account to bank account-based UPI payments or normal UPI payments. NPCI has permitted the PPI wallets to be part of interoperable UPI ecosystem and levied 1.1 per cent charge on unified payment interface transactions above Rs 2,000 while using PPI. “The interchange charges introduced are …

76% Indians prefer to make payments through UPI: Know-why
2 years, 1 month ago

76% Indians prefer to make payments through UPI: Know-why

India TV News  

Nearly 76 per cent of Indians now prefer using UPI during online checkouts while more millennials are now using UPI when shopping online, a report showed on Tuesday. While 78 per cent Indians say they are likely to purchase fashion products such as clothing, shoes and accessories, 70 per cent would shop for groceries within social media apps. About 63 …

UPI: the dawn of digital fintech nirvana
2 years, 5 months ago

UPI: the dawn of digital fintech nirvana

The Hindu  

If you own a smartphone, you have most probably done UPI-based payments using BHIM or some other mobile application. Secondly, a Payment Service Provider takes care of the to-and-fro transactions to this VPA and finally, the UPI software orchestrates the fund movement from a customer’s VPA to a target VPA and completes the transaction. A ubiquitous payment system The popularity …

Rise in Spending Through Credit Cards, Debit Cards, UPI Indicates Pick-Up In Consumption: FinMin
2 years, 6 months ago

Rise in Spending Through Credit Cards, Debit Cards, UPI Indicates Pick-Up In Consumption: FinMin

News 18  

Spending through credit cards and debit cards in April jumps 77.8 per cent and 12.5 per cent to Rs 1.05 lakh crore and 3.49 lakh crore, respectively. “Value of UPI transactions processed through the National Payment Corporation of India stood at Rs 10.4 lakh crore during May 2022, the highest since UPI was launched in 2016, registering month-on-month growth of …

Digital Transactions This Financial Year May Touch Volume of 70 Billion, Cross Pandemic Year Record
3 years ago

Digital Transactions This Financial Year May Touch Volume of 70 Billion, Cross Pandemic Year Record

News 18  

The volume of digital payments made by Indians in the current financial year is set to hit 70 billion at the current pace and easily surpass the record levels of 2020-21 when the Covid-19 pandemic had hit home and made people shift to doing digital payments in a big way. This is already in touching distance of 45.72 billion digital …

Consumers more concerned about digital payment frauds: Survey
3 years, 6 months ago

Consumers more concerned about digital payment frauds: Survey

Live Mint  

Bengaluru: Indian consumers are increasingly concerned about digital payments and look to exercise greater caution, according to a new study conducted by YouGov and digital payment software, ACI Worldwide. Almost 71% of consumers surveyed by YouGov and ACI Worldwide are more concerned about scams and fraud owing to the shift to digital methods of payments due to covid-19. When it …

PhonePe Continues to Lead UPI Payments Space With 42% Share, Paytm Remains Distant Third
3 years, 9 months ago

PhonePe Continues to Lead UPI Payments Space With 42% Share, Paytm Remains Distant Third

News 18  

Digital payments company PhonePe has said the platform emerged as the largest player on UPI merchant transactions capturing over 42 percent of the overall market share in February 2021. The latest data on the National Payments Corporation of India website shows that the digital payments platform had witnessed over 975.53 million UPI transactions, worth Rs 1.89 lakh crore for the …

Digital Payments Got A Big Push In India This Year And That Included UPI And Credit Cards
3 years, 11 months ago

Digital Payments Got A Big Push In India This Year And That Included UPI And Credit Cards

News 18  

The year 2020, because of the circumstances as they unfolded, gave digital payments the sort of push that couldn’t have been expected in just less than 12 months. Around the same time, digital payments platform PhonePe confirmed that they had now crossed the 250 million user mark, with 100 million monthly active users and clocked 2.3 billion app session in …

Cash is back as king but digital owns the throne
4 years, 2 months ago

Cash is back as king but digital owns the throne

Live Mint  

Disruptions that have taken place as a fallout of the covid-19 pandemic have reflected themselves in many ways. The surge occurred even as UPI-based digital transactions rose 60% in value terms in the last six months alone to ₹3.29 trillion. The Reserve Bank of India data on money supply and the National Payments Corporation of India numbers on United Payments …

Opinion | Bridging the financial divide digitally
4 years, 3 months ago

Opinion | Bridging the financial divide digitally

Live Mint  

The world economy has succumbed to the covid-19 pandemic over the past few months, leading to steep cuts in discretionary purchase. The phenomenal growth of the Unified Payment Interface in a country as diverse as India has drawn attention of all the big tech companies around the world with firms like Google requesting the US Federal Reserve to build a …

The crisis has pushed card payments to shift to UPI: Ashneer Grover
4 years, 4 months ago

The crisis has pushed card payments to shift to UPI: Ashneer Grover

Live Mint  

India’s digital payments economy made a strong comeback during the pandemic as lockdown restrictions and fears of contracting infection forced consumers to look for alternatives to cash transactions. Covid-19 is not only providing strong tailwinds to the digital payments ecosystem but will also lead to digitizing and improving the underwriting capabilities of digital lenders in the long term, Ashneer Grover, …

Flipkart rolls out partial payments to reduce order cancellations
4 years, 5 months ago

Flipkart rolls out partial payments to reduce order cancellations

India Today  

Flipkart is rolling out a new payment system for customers that is aimed at reducing the number of returns and cancellations on its e-commerce platform. According to Flipkart, the CoD is still the most used payment method, despite the steep rise in online transaction ever since the pandemic hit businesses and caused consumer's buying habits to change drastically. But while …

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