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Tuesday, October 20, 2020

Bengaluru saw most digital transactions in India last year, says report

Most transactions in volume and value took place in October 2019, during Diwali.

By: Express Web Desk | Bengaluru | February 28, 2020 6:30:47 pm
Online banking and ATM fraud: Mumbai tops among 19 metros Among states, Karnataka featured second on the list, following only Maharashtra. (Picture for representation) 

The highest number of digital payment transactions in the country in 2019 was in Bengaluru,  a report by an online payment processor has said.

According to the ‘India Digital Payments Report’ released by Wordline India for 2019, the other cities in the top 10 are Chennai, Mumbai, Pune, Hyderabad, Delhi, Kolkata, Gurgaon, Coimbatore, and Ernakulam.

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Interestingly, most transactions in volume and value took place in October 2019. “Online transactions hit their peak on October 26 and 27 on the occasion of Diwali. We observed an overall spike in transactions during festive seasons throughout the year,” the report says.

Among states, Karnataka featured second on the list, following only Maharashtra. The other states/union territories from the third to the 10th position are Delhi, Andhra Pradesh, Gujarat, Kerala, Uttar Pradesh, Haryana, and West Bengal.

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“Unified Payments Interface (UPI) is perhaps the fastest product to hit 1 billion transactions-a-month in 2019 since its inception in August 2016,” the report reads.

In terms of value, UPI facilitated transactions worth INR 18.36 trillion, up 214 per cent from 2018. Nine banks were added in the UPI ecosystem throughout the year, bringing the total number of such banks to 143 as of December 2019, the report says.

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“Though favourable factors like affordable mobile phones, internet packages, and constant support from the regulator as well as from the government have unquestionably contributed to this growth, the real credit goes to fintechs and banks, who are constantly implementing new technologies and delivering customer-centric solutions,” Deepak Chandnani, Managing Director, Worldline South Asia & Middle East, said.

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