Unified Payments Interface (UPI) remained probably the most most popular mode of fee when it comes to quantity adopted by debit playing cards, Immediate Payment Services (IMPS), and bank cards, mentioned a brand new report on Thursday.
UPI recorded a transaction quantity of 10.eight billion in 2019, a year-over-year improve of 188 p.c, mentioned the report from funds firm Worldline India (WI).
“UPI is perhaps the fastest product to hit 1 billion transactions-a-month in 2019 since its inception in August 2016,” mentioned the “India Digital Payments Report 2019”.
The findings of the report recommend that in India, digital fee merchandise are being primarily utilised for person-to-person (P2P) transactions than person-to-merchants (P2M) transactions.
In phrases of worth, UPI facilitated transactions value Rs. 18,36,000 crores, up 214 p.c from 2018.
Nine banks have been added in UPI ecosystem all year long, bringing the entire variety of banks offering UPI companies to 143 as of December 2019.
Some of the important thing components that powered UPI’s transactions development in 2019 are adoption of UPI 2.zero options by banks, enabling funds for IPO purposes, facilitating Foreign Inward Remittance service, supporting donations for a number of reduction applications, and quite a few cashbacks and reductions supplied by banks and non-bank gamers, mentioned the report.
Immediate Payment Service (IMPS) recorded 55 p.c year-over-year improve by facilitating about 2.three billion transactions in quantity.
It clocked Rs. 21,80,000 crores when it comes to worth, up 41 p.c from 2018.
In 2019, it on-boarded 165 banks underneath its ecosystem bringing the entire variety of banks offering IMPS companies to the purchasers of 559 banks by finish of 2019.
“In terms of value, IMPS attained the ‘numero uno’ position throughout the year followed by UPI. Value of debit and credit cards remained nearly the same throughout the year,” mentioned the report.
In 2019, UPI, debit playing cards, IMPS and bank cards collectively recorded a mixed transactions quantity of over 20 trillion and mixed worth of over Rs 54 trillion, mentioned the report.
The nation has witnessed full vary of Aadhaar enabled banking companies by way of AePS over the previous few years.
In 2019, the entire quantity of Aadhaar Enabled Payment System (AePS) transactions (ONUS, OFFUS, DEMO AUTH and eKYC) stood at 2.three billion, attaining year-over-year development of 12 p.c. The worth of transactions achieved a milestone of Rs 1 trillion in 2019 with year-over-year development of 31 p.c, mentioned the report.
For the analysis, Worldline analysed transactions accessible in public databases in addition to transactions processed by the corporate in 2019.
Worldline India (WI) is wholly owned by Worldline SA, a number one funds firm in Europe that’s listed on Euronext Paris. Worldline entered India in 2010 with the acquisition of Venture Infotek adopted by the acquisition of MRL Posnet in 2017.