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80% of households use payment apps, 36% adopted digital payments post-COVID: NPCI survey

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A survey by the National Payments Corporation of India (NPCI) found that at least 80% of households now use digital payment apps like Paytm, Google Pay or PhonePe and over half of them use the Unified Payments Interface (UPI) for payment transactions. The survey says that 36% of the households surveyed have used digital payments for the first time during the COVID-19 lockdown that was put in place between April and May 2020. The survey, conducted by the People Research on India’s Consumer Economy & Citizen Environment, covered 5,314 households across 25 states and classified them according to their income levels. Though the volume of digital payments volumes dipped during the lockdown, households, consumers and merchants turned to digital payments apps and fintechs to get their lives back on track. Post the lockdown, each of the NPCI's payment platforms have recorded historical highs in terms of the number and value of transactions being processed. "The report clearly establishes that in India today digital payments have gone well past the early adoption stage and have gained significant traction across the country, including the lower income groups. We are humbled and inspired by households from all income levels showing interest towards UPI, AePS and other form of digital payments," says Praveena Rai, chief operating officer, NPCI. She added that the NPCI is working to expand its product offering to non-smartphone users, even though smartphone ownership is high. "COVID-19 has imposed significant limitations on people’s lives. The lockdown period in India, lasting few…

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