Bengaluru records most digital transactions
BENGALURU: Bengaluru accounted for the highest number of digital transactions in India in 2019, followed by Chennai, Mumbai and Pune, while United Payments Interface (UPI) was the most preferred mode of payment, said a new report by online payment processor Worldline India.
Bengaluru was the leading city in digital transactions in 2018 as well. UPI was followed by debit cards, immediate payment service (IMPS), and credit cards, in terms of volume share of digital transactions. “…In 2019, these four payment modes recorded a combined transaction volume of over 20 trillion and a combined value of over ₹54 lakh crore. UPI is also the fastest payment mode to hit 1 billion monthly transactions,” the report added. The report said that “merchants in grocery, restaurants, fuel stations, apparel stores, and specialty retail recorded the highest volume share of transactions in 2019.” Even though Bengaluru topped the list in term of online payment volumes, the state of Maharashtra led the pack among the top 10 states with the highest number of digital transactions. States including Karnataka, Tamil Nadu, and Delhi held the next three positions in term of online payment volumes, added the report titled ‘Wordline India Digital Payments 2019. National Payment Council of India (NPCI) operated UPI recorded around 10.8 billion transactions in 2019, a 188% YoY. In terms of value, UPI facilitated transactions worth ₹18.36 lakh crore in 2019, up 214% YoY compared to 2018.