UPI most preferred mode for payment in Maharashtra; Pune amongst the top 10 cities

Maharashtra remains one of the top states in India where people preferred to use UPI mode of payment instead of cash
UPI most preferred mode for payment in Maharashtra; Pune amongst the top 10 cities
Maharashtra, one of the top 10 states in India used UPI payment mode since COVID outbreakImage source: The Bridge Chronicle

New Delhi: Amid the COVID-19 pandemic that started last year, Maharashtra remains one of the top states in India where people preferred to use UPI mode of payment instead of cash, according to India Digital Payments Report 2020 released by Worldline.

Digital transactions processed at grocery stores, fuel stations, clothing and apparel, pharmacies, restaurants and specialty retail together accounted for 80 per cent in volume and 60 per cent in value.

The top 10 states with the highest transactions at physical touch points in 2020 for Worldline India were Maharashtra, Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Delhi, Uttar Pradesh, Gujarat, West Bengal and Telangana While the top 10 cities were Bengaluru, Chennai, Mumbai, Hyderabad, Pune, Delhi, Coimbatore, Kolkata, Ernakulam and Ahmedabad.

In the online space, financial services, government institutions and education sector accounted for about 20 per cent in volume and 75 per cent in value. On the other side, gaming, e-commerce (shopping for goods and services) and utility services contributed to about 80 per cent in volume and over 20 per cent in value.

UPI remained the most preferred payment mode among consumers with a P2M market share volume of 41 per cent market share while its share of the value of transactions was 23 per cent. As far as PPIs are concerned, the combined volume of prepaid cards and wallets covered 26 per cent share in volume and 9 per cent in value.

CREDIT AND DEBIT CARDS SALE

The total number of cards in circulation stood at 946.81 million as of December 2020. Outstanding credit cards increased by 9 per cent from 55.33 million in December 2019 to 60.39 million in December 2020 while outstanding debit cards increased by 10 per cent from 805.32 million to 886.41 million during the same period.

Out of the total cards in circulation, debit cards accounted for 94 per cent while credit cards represented a 6 per cent market share. Interestingly, 15 banks account for 95 per cent of credit cards issued while 40 banks account for 99 per cent of debit cards issued.

(With agency inputs)

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