Consumers prefer mobile apps for small note transactions

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Grocery, gas stations, restaurants, clothing and apparel, specialty retail, pharmacy and medicine, hotels, jewelry, appliances and department stores were the merchant categories with the highest volume and value of transactions in the first quarter for Worldline India. Together, they accounted for 85% by volume and 76% by value in the first quarter of 2021 at physical retail touchpoints. In the online space, e-commerce (purchases of goods and services), games, utilities and financial services contributed over 85% of transactions in volume and 41% in value in the first quarter of 2021.

Transactions based on mobile applications grew 96% in volume in the first quarter of 2021, while their value increased by more than 104% compared to the same quarter of the previous year, namely the first quarter. 2020. Interestingly, 88% of mobile transactions consisted of interbank transactions. while 12 percent represented intrabank transactions. In terms of value, 79% of mobile transactions were interbank transactions while 21% were intra-bank transactions.

Consumers made 8.32 billion mobile payments, while net / internet browser-based banking transactions exceeded 937.60 million in the first quarter of 2021. In terms of value, INR 31.98 trillion was processed via mobile while INR 131.34 trillion was sent via the Internet.

Net / Internet-based banking transactions increased by over 16% in volume in the first quarter of 2021 and by 39% in value compared to the same quarter of the previous year, i.e. in the first quarter 2020. The volume of interbank and intrabank transactions of Internet payment channels was 80 percent and 20 percent respectively. In value, interbank and intrabank transactions were around 50 percent.

Deepak Chandnani, Managing Director of Worldline South Asia & Middle East, said: “The RBI in its 2020-21 Annual Report said that payment systems saw robust growth of 26.2% in terms of volume in more than the expansion of 44.2%. the previous year. This clearly indicates the growing consumer confidence in digital payments in Tier I and II and Tier III cities and beyond. While restrictions on the movement of people and persistent blockages may have forced people to adopt digital payment methods, the convenience, transparency and security of digital payments will ensure customer loyalty for years to come. At Worldline, we remain committed to helping digital penetration in India by improving the acceptance infrastructure across the country and introducing innovative payment options to improve user experience and deepen the reach of the payment system.

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