Indian Economy News

Digital transactions total Rs. 131 lakh crore in Q1: Worldline India

  • IBEF
  • June 11, 2021

On Thursday, Worldline India stated that between January and March 2021, digital transactions volume in India stood at 93.7 crore, valued at Rs. 131 lakh crore (US$ 1.79 trillion). At the end of the first quarter of CY21, the total number of debit cards totalled at 89.8 crore and credit cards at 6.2 crore. The point-of-sale terminals stood at 47.2 lakh.

In terms of volume, the debit card transactions stood at 110 crore, valued at Rs. 1.91 lakh crore (US$ 26.14 billion). Credit card transactions stood at 52.4 crore in terms of volume, valued at Rs. 1.97 lakh crore (US$ 26.96 billion). In terms of volume, mobile based payments stood at 832 crore, valued at Rs. 31.9 lakh crore (US$ 436.59 billion). Of which mobile wallets transactions stood at 113 crore in terms of volume, valued at Rs. 41,175 crore (US$ 5.64 billion).

Unified Payments Interface (UPI) registered > 273 crore transactions in March 2021 and was valued > Rs. 5 lakh crore (US$ 68.43 billion). In Annual Report for FY21, the Reserve Bank of India (RBI) stated, digital payment systems registered significant increase of 26.2% in terms of volume on top of the growth of 44.2% in 2020.

Mr. Deepak Chandnani, Managing Director of Worldline South Asia and Middle East, said, "This evidently signifies the rising consumer confidence towards digital payments in tier I, tier II as well as tier III and beyond. The pandemic may have forced consumers to adopt digital mode of payments. However, improved and advanced digital services would ensure the rising trend of digital payment consumers and growth of further digital payments.”

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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