Telangana, Hyderabad among top 10 in mobile payments
Hyderabad: Despite the setback on account of Covid-19 in the past two years, digital payments continued to grow even in the rural pockets across the country, according to the India Digital Payments report brought out by Worldline, a technology partner for merchants, banks and third-party acquirers and others. “Our in-store and e-commerce solutions in India […]
Hyderabad: Despite the setback on account of Covid-19 in the past two years, digital payments continued to grow even in the rural pockets across the country, according to the India Digital Payments report brought out by Worldline, a technology partner for merchants, banks and third-party acquirers and others.
“Our in-store and e-commerce solutions in India are powering small, medium and large merchant touchpoints across groceries, restaurants, apparel, pharmacy, gaming, utility and financial services,” said Worldline South Asia and Middle East Managing Director Deepak Chandnani. Telangana and Hyderabad figured in the top ten States and cities respectively with the highest transactions at the physical touchpoints in the July- September period for Worldline India.
In India, a significant number of transactions are being done through the mobile phone mainly due to the advent of UPI and the rollout of millions of QRs at physical merchant locations. In April 2020, the number of transactions done through mobile apps was 1.12 billion and the value was Rs 3.6 lakh crore. In June 2021, that number increased to 3.7 billion and the value reached Rs 11.4 lakh crore.
About 1.48 billion transactions were processed through 920.3 million debit cards and the value stood at Rs 1.88 lakh crore. This is a 43 per cent increase in terms of volume but 13 per cent lower in value against last year same period. There were 65.02 million credit cards and the transactions volume and value were 557.24 million and Rs 2.32 lakh crore respectively.
The number of transactions through mobile wallets during the three months ending September was 1.21 billion and its value was Rs 604.43 billion. This includes the purchase of goods and services and fund transfer through wallets. Consumers made 12.33 billion mobile-based payments whereas net banking / Internet-browser based transactions were over 937.60 million. In terms of value, Rs 35.18 lakh crore was transacted through mobile while Rs 114.02 lakh crore was transacted through the internet.
The National Electronic Toll Collection processed about 587.14 million transactions worth Rs 90.62 billion. In September 2021, its transactions volume increased by 100 per cent while value increased by 55 per cent as compared with the same period of the previous year. As many as 39.4 million FASTags have been issued, said Worldline Strategy, Innovation and Analytics Vice President Sunil Rongala in the report.
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