Online payment processor Worldline India reported that Bengaluru accounted for the highest number of digital transactions in India in 2019. The aim is to move India towards a less-cash economy.
Highlights:
♦ As per the report, Bengaluru is followed by Chennai, Mumbai, and Pune.
♦ United Payments Interface (UPI) was the most preferred mode of payment. It is followed by debit cards, immediate payment service (IMPS), and credit cards, in terms of volume share of digital transactions. In 2019, the four payment modes recorded a combined transaction volume of over 20 trillion and a combined value of over Rs.54 trillion.
♦ UPI, which is operated by the National Payment Council of India (NPCI), recorded around 10.8 billion transactions in 2019, a 188% year-on-year (YoY). In terms of value, UPI facilitated transactions worth Rs.18.36 trillion in 2019, up 214% YoY compared to 2018.
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