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Confidence is growing among consumers towards digital payments

New Delhi [India], June 10 (ANI): Digital transactions in the country during January to March stood at 93.7 crore in volume terms and Rs 131 lakh crore in value terms, Worldline India said on Thursday.

The total number of debit cards at the end of Q1 CY21 totalled 89.8 crore while credit cards numbered 6.2 crore. The point-of-sale terminals were 47.2 lakh.

The volume of debit card transactions was 110 crore while the value stood at Rs 1.91 lakh crore. On the other hand, the volume of credit card transactions stood at 52.4 crore and their value stood at Rs 1.97 lakh crore.

Mobile based payments volume totalled 832 crore with value of Rs 31.9 lakh crore. Of these, transactions of mobile wallets totalled 113 crore with value of Rs 41,175 crore.

Unified Payments Interface (UPI) witnessed over 273 crore transactions in March and breached Rs 5 lakh crore in terms of value.

The Reserve Bank of India (RBI) in its annual report 2020-21 said digital payment systems recorded a robust growth of 26.2 per cent in terms of volume on top of the expansion of 44.2 per cent in the previous year.

“This clearly indicates the growing confidence among consumers towards digital payments not only in tier one and two cities but also in tier three and beyond,” said Deepak Chandnani, Managing Director of Worldline South Asia and Middle East.

“Although the restrictions on the movement of people and persistent lockdowns may have compelled people to adopt digital payment modes, the convenience, transparency and security of digital payments will ensure customer stickiness in the years to come.” (ANI)

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