According to a report, the number of transactions made in India via mobile wallets in Q1, 2020 stands at 1.08 billion; the value of transactions made stands at Rs 429 billion. There has been a drop of 4% in both volumes as well as the value of transactions when compared to Q1 2019.
As per the report received from the payments company Worldline India, a significant transaction volume of Rs 3.87 billion was recorded by Unified Payments Interface (UPI) in Q1 2020, an 81% increase from a year ago.
As per the report titled “India Digital Payments Report-Q1 2020”, UPI assisted transactions worth Rs 6.45 trillion, up by 84% from the previous year. Five banks became part of the UPI ecosystem in Q1, taking the total number of banks offering UPI services to 148 as of March 2020. The data revealed that 4.251.73 million transactions were done via mobile apps, and 811.61 million transactions were done using net banking/internet browser in Q1 2020.
In terms of value, payment channels based on mobile apps processed transactions worth Rs 15,674.12 billion and transactions based on net banking/internet browser facilitated transactions worth Rs 94,580.39 billion.
Consumers often prefer mobile apps for small ticket size transactions, and net banking/browser-based channels for high ticket size transactions, the report said. The overall number of credit card transactions was Rs 553.87 million in Q1 2020. The total value of credit-card transactions was Rs 1,792.94 billion.
The number and amount of debit card transactions in Q1 2020 were Rs 1.273.40 million and Rs 2.300 billion respectively.
Deepak Chandnani, the Managing Director of Worldline South Asia & Middle East, mentioned that with social distancing, online meetings, work from home, etc. becoming part of our everyday routine, it’s likely to see a rise in the consumers who intend to spend cashless.
He also mentioned that India has the potential to empower consumers with contactless solutions. Our country is gaining momentum with more than 5 million POS terminals, 886 million cards, and solutions such as FASTags, UPI, etc.
Worldline India further said that the report is based on analysing transactions that are available in public databases as well as transactions which are processed by the company during this year’s January-March period.
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Bhavana is a Senior Content Writer handling the GST vertical. She is committed, professional, and has a flair for writing. When away from work, she enjoys watching movies and playing with her son. One thing she can’t resist is SHOPPING! Her favourite quote is: “Luck is what happens when preparation meets opportunity”.