Amid Covid-19, India has recorded the highest number of real-time online transactions in 2020 ahead of countries such as China and the US.
As per reports, 25.5 billion real-time payments transactions were processed in the country followed by 15.7 billion in China, 6 billion in South Korea, 5.2 billion in Thailand, and 2.8 billion in the UK.
Among the top 10 countries, the US was ranked ninth with 1.2 billion transactions.
UPI transaction value witnessed a growth of 18.7 percent month-on-month to Rs 5.05 lakh crore in March 2021 from Rs 4.25 lakh crore in February 2021.
The transaction volume share for instant payments India, among real-time transactions, was 15.6 percent and 22.9 percent for other electronic payments in 2020.
This information was shared by UK-based payment system company ACI Worldwide.
Paper-based payments continued to have a considerable share of 61.4 percent in India.
India’s digital payments market led by– Paytm, PhonePe, Pine Labs, Razorpay, BharatPe, and others on the B2C and B2B sides has surged during the pandemic.
Moreover, policy frameworks such as Pre-Paid Instruments (PPI), Universal Payment Interface (UPI) by the NPCI apart from Aadhar, and the launch of the BHIM app have driven financial inclusion and improved the payment acceptance infrastructure in the country in the past few years.