A report by Worldline India has revealed Unified Payments Interface (UPI) beating credit and debit cards as well as immediate payment services (IMPS) to become India’s most preferred mode of payment in terms of volume.
According to the study, UPI’s transaction volume of 10.8bn in 2019 was 188% higher than the previous year.
Based on value, the payment mode supported INR18.36trn worth of transactions in 2019, a 214% jump from the prior year.
Last year, nine Indian banks added support for UBI. As a result, at the end of December 2019, 143 of the country’s banks supported UPI.
Notably, IMPS supported 2.3bn transactions in volume and registered a 55% growth.
Collectively, UPI, credit and debit cards, as well as IMPS reported transactions volume of over 20trn and a combined value of over INR54trn last year.
Worldline South Asia and the Middle East managing director Deepak Chandnani said: “It is evident that payment systems in India have witnessed significant progress in the previous year and more importantly in the last decade.
“Favourable factors like affordable mobile phones, internet packages and constant support from the regulator as well as the government have unquestionably contributed to this growth.
“But the real credit goes to fintechs and banks which are constantly implementing new technologies and delivering customer-centric solutions.”