Contactless payments see six times growth in last 3 years: Report
According to whitepaper released by Visa and Worldline India, contactless payments' share to total face-to-face (F2F) transactions increased by more than six times to 16% in December 2021 from less than 2.5% in December 2018.
The adoption of EMV chip cards has been critical for the expansion of contactless payments, aided by supportive regulations that increased the contactless limit in India to Rs. 5,000 (US$ 64.11) in 2021.
Highest adoption of contactless payments was observed in sectors like quick-service restaurants, pharmacies, food, grocery, etc. which accelerated with the impact of the pandemic.
In January 2020, contactless transactions accounted for 25% of all supermarket transactions. By January 2022, this figure increased to 31%.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.