Digital payments: India pips China, US, others in 2020; leads global tally with this many transactions
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StraightEdge
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I somehow doubt the information about China or I don't understand the meaning of "real-time online transactions" properly. I properly recall Tencent announced an year back that they have 1 billion transactions per day. I am sure Alipay will also be close to that figure. Either they got the numbers for China wrong or there is some specific meaning about "real-time online transactions" which I don't understand.
Leishangthem
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It's clearly another orchestrated fake news pooped by Indian media,if they are talking about daily online transection,for china it was 543.66 million even back in 2018 per day ,India was like 1/8th of it according to Bank for International Settlements .China leads in every sector be it growth,per capita value, rate of transection.China is so wealthy and have such huge online presence ,the notion impressed by this article seems almost moronic.
ToddBing
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Just ACI clients.
In 2019 China's non-bank online payments is more than 719 billion.
In 2019 China's non-bank online payments is more than 719 billion.
Mota bhai ko Ayise kayise bhul sakthey hey aaphamare pass sasta cotton hai, sugar hai aur corona ki vaccine hai . ek adad pheku PM bhi hai .
ayodhyapati
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We have a lot of catching up to do with China on digital payments.
Although we have achieved a lot in past few years. It is great to see even roadside vendors ready to take payment through QR code apps these days.
Although we have achieved a lot in past few years. It is great to see even roadside vendors ready to take payment through QR code apps these days.
StraightEdge
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I feel most penetration is only on the more urban areas - the rural areas still rely on cash. Cash circulation is back at pre-demonitization level.
Not sure about rural areas, but I have seen good acceptability of QR app payments even in Tier 3 towns.
ToddBing
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Setting A Record, UPI Registers Over USD 100 Billion Transactions By Value In October
Setting a record, the volume of payments made via the unified payments interface (UPI) increased to 4.22 billion in October 2021, as compared to 3.66 billion transactions in September.
Overall, the transaction value in October 2021 also shot up to Rs 7.71 lakh crore from Rs 6.54 lakh crore in September. In dollar value, UPI crossed USD 100 billion monthly transactions for the first time with around USD 103 billion transaction value in October.
UPI transactions had comparatively dipped owing to the lockdown restrictions imposed due to the Covid-19 pandemic in April and May this year.
UPI is a mobile-based rapid payment system used in India that allows every user to make payments at any time using a Virtual Payment Address (VPA) that they generate. According to the RBI, this eliminates the risk of the remitter disclosing bank account information. UPI offers both P2P or Person to Person and P2M or Person to Merchant payments, as well as allowing users to send and receive money.
A report from the Motilal Oswal Financial Services stated that the market share of UPI has increased to 80 per cent in the initial four months of FY22 from 73 per cent in FY21.
Setting a record, the volume of payments made via the unified payments interface (UPI) increased to 4.22 billion in October 2021, as compared to 3.66 billion transactions in September.
Overall, the transaction value in October 2021 also shot up to Rs 7.71 lakh crore from Rs 6.54 lakh crore in September. In dollar value, UPI crossed USD 100 billion monthly transactions for the first time with around USD 103 billion transaction value in October.
UPI transactions had comparatively dipped owing to the lockdown restrictions imposed due to the Covid-19 pandemic in April and May this year.
UPI is a mobile-based rapid payment system used in India that allows every user to make payments at any time using a Virtual Payment Address (VPA) that they generate. According to the RBI, this eliminates the risk of the remitter disclosing bank account information. UPI offers both P2P or Person to Person and P2M or Person to Merchant payments, as well as allowing users to send and receive money.
A report from the Motilal Oswal Financial Services stated that the market share of UPI has increased to 80 per cent in the initial four months of FY22 from 73 per cent in FY21.
StraightEdge
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This is one good thing that has happened in past few years. Though it's a natural effect of technology. I still don't see why many other developed nations not embracing it whereas a third world country like India is doing better. As education improves, smartphone penetration increases, this will keep rising. But the UPI apps like paytm/google pay are still UI clusterfucks. I still don't understand why they always make the UI so convoluted and put so much of junk in them. I would simply love a simple, straight forward UI. PhonePay is also garbage.
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