During the course of 2020, digital payment transactions sky-rocketed with flagship platforms of the National Payments Corporation of India (NPCI) hitting record highs every month. In our report, we have highlighted the major trends across the payments platforms and the companies that provide payments services. Buy a copy of the report here. The report charts out how digital payments has grown in India across close to 50 charts including on: Unified Payments Interface Debit and Credit cards Prepaid Payments Instruments and M-Wallets Payments Banks Mobile Banking Other Reserve Bank of India or NPCI-operated platforms According to PwC, digital payments in India will grow to Rs 238 lakh crore by 2025 from Rs 92 lakh crore in 2019-20, while the total volume of transactions is expected to grow to 167 billion from 42 billion during the same period. In fact, according to an NPCI survey at least 40% of households have started using digital payments platforms post the COVID-19 lockdown last year and at least 80% of them use a payments app, be it Google Pay, PhonePe or Paytm. While the adoption of mobile based payments have increased significantly in the last year, debit and credit card payments have not grown all that much. Perhaps, this is because low-value debit card transactions are being replaced by UPI transactions and credit card transactions are being replaced by fintech credit products, particularly Buy Now Pay Later schemes. At the same time, transaction failure rates on UPI, particularly among government-owned banks, increased throughout the…
