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New Delhi May 26 (IANS) The number of transactions done on mobile wallets in Q1 2020 was 1.08 billion and the value of transactions was Rs 429 billion in India, recording about four per cent drop in volume and about six per cent drop in value over Q1 2019, a report said on Tuesday. However, Unified Payments Interface (UPI) recorded a substantial transaction volume of 3.87 billion in Q1 2020, an increase of 81 per cent from a year ago, said the report from payments company Worldline India. In terms of value, UPI facilitated transactions worth Rs 6.45 trillion, up 84 per cent from the previous year, according to the report titled "India Digital Payments Report - Q1 2020". Five banks joined the UPI ecosystem in Q1 bringing the total number of banks providing UPI services to 148 as of March 2020. The data showed that in Q1 2020, there were 4,251.73 million mobile apps based transactions and 811.61 million net banking / Internet browser based transactions. In terms of value, mobile apps based payment channels processed transactions worth Rs 15,674.12 billion and net banking / Internet browser based transactions facilitated transactions worth Rs 94,580.39 billion. It is evident that consumers prefer mobile apps frequently for small ticket size transactions and net banking / browser based channels for high ticket size transactions, said the report. In Q1 2020, the total credit card transactions volume was 553.87 million. The total value of transactions processed through credit cards was Rs 1,792.94 billion. Debit card transactions volume and value in Q1 2020 was 1,273.40 million and Rs 2,300 billion respectively. "As social distancing, work from home, online meetings etc. become part of our daily routine, we will likely see an increase among consumers wanting to spend cashless," said Deepak Chandnani, Managing Director, Worldline South Asia &amp; Middle East. "With over 886 million cards, 5 million POS terminals and solutions like UPI, FASTags etc. gaining momentum, our country has the potential to empower consumers with contactless solutions." Worldline India said the report is based on analysis of transactions available in public databases as well as transactions processed by the company in the January-March period of this year. --IANS gb/na

Mobile wallets Q1 transactions volume drops 4% in India: Report

<ul><li><keyword id="6358921" type="General" weightage="80" keywordseo="upi" source="Orion">UPI</keyword> clocked over 19.65 billion transactions in volume and Rs 32.5 lakh crore in terms of value.</li><li>The UPI transactions volume and value almost doubled since last year as it recorded about an 88 per cent increase in Q3.</li><li>The top three UPI apps in terms of volume and value were PhonePe, Google Pay and <keyword id="3236791" type="General" weightage="50" keywordseo="paytm-payments-bank" source="Orion">Paytm Payments Bank</keyword> App.</li></ul> The <keyword id="2736678" type="General" weightage="50" keywordseo="unified-payments-interface" source="Orion">Unified Payments Interface</keyword> (UPI), debit and credit cards, prepaid payment instruments like mobile wallets, and prepaid cards logged 23.06 billion transactions amounting Rs 38.3 lakh crore in the third quarter this year, a new report showed on Monday. At the top, the UPI clocked over 19.65 billion transactions in volume and Rs 32.5 lakh crore in terms of value. The UPI transactions volume and value almost doubled since last year as it recorded about an 88 per cent increase in volume and over 71 per cent increase in value in Q3 as compared to the same quarter last year, according to <keyword id="1925688" type="General" weightage="50" keywordseo="worldline-india" source="Orion">Worldline India</keyword>'s 'Digital Payments Report' for the third quarter. The top three UPI apps in terms of volume and value were PhonePe, Google Pay and Paytm Payments Bank App. The top five remitter Banks were <keyword id="6354731" type="General" weightage="50" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword>, <keyword id="6357149" type="General" weightage="50" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword>, Bank of Baroda, Union Bank, and ICICI Bank, whereas the top 5 beneficiary banks were Paytm Payments Bank, YES Bank, State Bank of <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, Axis Bank, and ICICI Bank. UPI person-to-merchant (P2M) and person-to-person (P2P) emerged as the most chosen payment method among consumers, accounting for 42 per cent of total transaction volume. This was followed by credit and debit card payments, which accounted for 7 per cent of volume and 14 per cent of value. "The swift adoption of digital payments can be witnessed with each passing quarter. Popular payment instruments like UPI, cards, PPIs are already clocking over 23 billion transactions in a quarter," said Ramesh Narasimhan, CEO, India, Worldline. Q3 data indicates healthy usage of credit cards and growth in the average ticket size. For credit cards, it is Rs 4,833; for debit cards, it is Rs 2,073; for UPI P2M, it is Rs 738; for UPI, P2P it is 2,576; for prepaid cards, it is 473; and for M-wallet, it is Rs 382. The total transaction between credit cards and debit cards comes to around 65 per cent and the remaining 35 per cent has been shared between UPI P2P, UPI P2M, and prepaid cards, the report showed. As of September 2022, the overall number of POS terminals installed by merchant-acquiring banks had surpassed 7 million. In Q3 2022, POS deployment increased by more than 41 per cent reaching 7.03 million, when compared to the same quarter of the previous year. In the online space, e-commerce (shopping for goods and services), gaming, utility and financial services contributed to over 86 per cent of the transaction in terms of volume and 47 per cent in terms of value. By the end of the third quarter, there were 1.01 billion credit and debit cards in circulation. Credit card volume and value were 725 million and Rs 3.5 lakh crore in Q3 2022, respectively. In the third quarter of 2022, the volume and value of debit card transactions were 907 million and Rs 1.88 lakh crore, respectively, the report said. At least 58.78 million FASTags have been issued till September, with 36 banks. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/kolkata-hyderabad-and-pune-remain-indias-most-affordable-residential-cities-jll/articleshow/96001910.cms">Kolkata, Hyderabad and Pune remain India’s most affordable residential cities: JLL</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/go-after-big-smugglers-sending-mountains-of-illegal-drugs-into-the-country-fm-to-enforcement-agencies/articleshow/96001566.cms">Go after big smugglers sending 'mountains' of illegal drugs into the country: FM to enforcement agencies</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/gadgets/news/upcoming-new-games-in-2023/articleshow/95999256.cms">Top upcoming games in 2023: Here’s what PC, PlayStation, and Xbox users should expect</a>

Digital payments in India touch Rs 38.3 lakh cr at over 23 bn transactions

<ul><li>India's largest bank, the State Bank of India (<keyword id="13222" type="CITY" weightage="20" keywordseo="SBI">SBI</keyword>) and <keyword id="69870" type="CITY" weightage="20" keywordseo="Hitachi">Hitachi</keyword> Payments are embarking on a <keyword id="6373972" type="UNKNOWN" weightage="20" keywordseo="Joint-venture">joint venture</keyword> that will take on <keyword id="6358577" type="UNKNOWN" weightage="20" keywordseo="digital-payments">digital payments</keyword> and card acceptance platforms. </li><li>Combining the individual strengths of both, the venture will deliver payment services to the customers and merchants on Quick Response (QR) code acceptance, Unified Payment Interface (UPI) and e-commerce businesses.</li><li>Hitachi manages over 70% of SBI’s current network and this joint venture will further strengthen their partnership.</li></ul>The State Bank of India (SBI), India's largest commercial bank, signed an agreement with the Hitachi Group (Japan) embarking on a joint venture to establish digital payments and a card acceptance platform in the country. While the bank will have a majority stake in the proposed venture, according to its <a href="https://www.hitachi.com/New/cnews/month/2018/10/181029c.html">press release</a>, Hitachi is planning to invest 26% in its subsidiary SBI Payment Services. Both parties will now be proceed to apply for regulatory approvals. In India, SBI's customer base expands to nearly <a href="https://www.business-standard.com/article/finance/sbi-hitachi-form-jv-to-boost-digital-payments-card-acceptance-platforms-118102900350_1.html">420 million</a> people and is the largest merchant acquirer in the market in terms of terminals through its subsidiary, SBI Payment. So far it has managed to deploy <a href="https://www.financialexpress.com/industry/sbi-to-sell-26-stake-in-arm-to-form-payments-joint-venture-with-hitachi/1365923/">1.96 million</a> merchant payment acceptance touch points across the country. But, looking to shift that burden, SBI has initially shortlisted <a href="https://www.business-standard.com/article/finance/sbi-hitachi-form-jv-to-boost-digital-payments-card-acceptance-platforms-118102900350_1.html">three companies</a> for the joint venture — Hitachi, Worldline and First Data Corporation. Whichever company got shortlisted would then be in-charge of deploying credit card swipe machines. According to SBI’s annual report for the FY18, SBI Payment Services’ total balance sheet equity, including surplus and reserves, was reported to be <a href="https://www.financialexpress.com/industry/sbi-to-sell-26-stake-in-arm-to-form-payments-joint-venture-with-hitachi/1365923/">₹38 million</a> while the total balance sheet assets were at<a href="https://www.financialexpress.com/industry/sbi-to-sell-26-stake-in-arm-to-form-payments-joint-venture-with-hitachi/1365923/"> ₹56 million</a>. The joint venture blends the distribution network of SBI with Hitachi’s technology and services including big data, artificial intelligence, analysis and digital payments. The venture will deliver payment services to customers and merchants with Quick Response (QR) code acceptance, Unified Payment Interface (UPI), mass transit sector and e-commerce businesses. Rajnish Kumar, the Chairman of SBI, said that the penetration of payment acceptance infrastructure is still low, at <a href="https://www.business-standard.com/article/finance/sbi-hitachi-form-jv-to-boost-digital-payments-card-acceptance-platforms-118102900350_1.html">2500 Point of Sale (PoS) per million</a>. And with the new joint venture, the bank is hoping the numbers will rise. What's in it for Hitachi? Hitachi is all set to expand its footprint in the Indian market by contributing to the development of digital payments services’ business via digital payments platform in order to ensure quality and better convenience. The venture will combine the individual strengths of both subsidiaries. In a conversation with <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-hitachi-payments-form-joint-venture-for-digital-payment-platform/articleshow/66412731.cms">Economic Times</a>, Hitachi India’s Managing Director Bharat Kaushal stated that this mutually benefitting partnership with the financial giant SBI will allow the company to widen their footprint across India. Hitachi manages over <a href="https://www.business-standard.com/article/finance/sbi-hitachi-form-jv-to-boost-digital-payments-card-acceptance-platforms-118102900350_1.html">70%</a> of SBI’s current network and this decision to create a joint venture is only going to strengthen the partnership. Hitachi Payments manages over<a href="https://www.business-standard.com/article/finance/sbi-hitachi-form-jv-to-boost-digital-payments-card-acceptance-platforms-118102900350_1.html"> 55,000 ATMs</a> in India and has been providing deployment, management services and handling SBI’s digital acceptance payment network since 2011.

India's largest bank and Hitachi are teaming up to enter the country's booming digital payments space

Drew Angerer/Getty ImagesHere's what you need to know before the markets open.1. <a href="https://www.businessinsider.com/eu-plans-industrial-data-push-rules-to-rein-in-us-tech-giants-2020-2?r=US&amp;IR=T">The European Union is planning an industrial-data push and rules to rein in US tech giants</a>. The European Commission laid out proposals to exploit regional data, govern artificial intelligence, and constrain the likes of Facebook, Google, and Amazon.2. <a href="https://markets.businessinsider.com/currencies/news/bank-of-england-leaked-deputy-governor-speech-moved-markets-2020-2-1028918324">A Bank of England speech that moved markets was reportedly leaked to a currency trader in a private chat</a>. The central bank's deputy governor gave a speech in July 2017 that was leaked to a trader more than one hour early, The Times of London reported.3. <a href="https://markets.businessinsider.com/news/stocks/adidas-sales-plunge-85-percent-china-coronavirus-hammers-demand-2020-2-1028918369">Adidas sales plunge 85% in China as coronavirus ravages demand</a>. "We have been experiencing a material negative impact from the coronavirus outbreak on our operations in China," the German sportswear giant said.4. <a href="https://www.businessinsider.com/trump-says-working-on-a-very-big-trade-deal-with-india-but-will-take-time-2020-2?r=US&amp;IR=T">Trump is working on a "very big" trade deal with India</a>. The president said he wasn't sure if it would be completed before the election.5. <a href="https://www.businessinsider.com/softbank-to-borrow-up-to-45-billion-using-domestic-telcos-shares-as-collateral-2020-2?r=US&amp;IR=T">SoftBank plans to borrow up to $4.5 billion using its domestic telecom's shares as collateral</a>. The Japanese conglomerate is borrowing from 16 institutions to top up its cash reserves and cover general costs.6. <a href="https://www.businessinsider.com/qatar-increases-its-stake-in-ba-owner-iag-to-251-2020-2?r=US&amp;IR=T">Qatar Airways increases its stake in BA-owner IAG to 25.1%</a>. The Middle-Eastern airline previously held 21.4% of the conglomerate, which also owns carriers Iberia, Aer Lingus and Vueling.7. <a href="https://www.businessinsider.com/bloomberg-to-sell-his-company-if-elected-president-campaign-2020-2?r=US&amp;IR=T">Mike Bloomberg pledges to sell his company if he's elected president</a>. The billionaire and former New York City Mayor will sell his financial-information business if he wins the White House, his campaign said.8. Stocks are broadly up. In Europe, Germany's DAX rose 0.5%, Britain's FTSE 100 rose 0.7%, and the Euro Stoxx 50 rose 0.5%. In Asia, China's Shanghai Composite slid 0.3%, while Hong Kong's Hang Seng climbed 0.5%, and Japan's Nikkei jumped 0.9%. US stocks are set to open higher with futures underlying the Dow Jones and S&amp;P 500 up 0.3%, and Nasdaq futures up 0.5%.9. <a href="https://markets.businessinsider.com/earnings-calendar?p=1?utm_source=markets&amp;utm_medium=ingest#date=02/19/2020&amp;name=&amp;countries=&amp;eventtypes=103,99&amp;tab=ALL">Earnings are streaming out</a>. Rosneft and Worldline are among the highlights.10. <a href="https://markets.businessinsider.com/economic-calendar?utm_source=markets&amp;utm_medium=ingest#date=02/19/2020&amp;name=&amp;countries=us&amp;eventtypes=&amp;tab=1,2,3">There's plenty of data on the docket</a>. Housing figures and Fed speeches will be closely watched. <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-nfl-quarterbacks-throw-perfect-spirals-football-2019-10">The science behind how NFL quarterbacks throw perfect spirals</a></h3>

10 things you need to know before the opening bell

<ul><li><keyword id="6358921" type="General" weightage="80" keywordseo="upi" source="Orion">UPI</keyword> clocked over 14.55 billion transactions in volume and ₹26.19 trillion in terms of value.</li><li>UPI’s transaction volume and value have almost doubled since last year's recording.</li><li>Debit cards account for 10 percent and Credit cards accounted for 7 percent of transactions in Q1 2022.</li></ul>India saw 9.36 billion transactions amounting to ₹10.25 trillion in the first quarter (January-March period) via various payment modes led by Unified Payment Interface (UPI), a new report showed on Monday. The UPI P2M (person to merchant) transactions emerged as the most preferred payment mode among consumers with a market share of 64 per cent in volume and 50 per cent in terms of value, according to the report by Worldline, a global leader in payments industry. In Q1 2022, UPI clocked over 14.55 billion transactions in volume and ₹26.19 trillion in terms of value. Its transactions volume and value has almost doubled since last year recording about a 99 per cent increase in volume and over 90 per cent increase in value compared to Q1 2021. As of the first quarter, the top <keyword id="3904501" type="General" weightage="50" keywordseo="upi-apps" source="Orion">UPI apps</keyword> in terms of volume were PhonePe, Google Pay, <keyword id="14300323" type="General" weightage="50" keywordseo="paytm-payments-bank-app" source="Orion">Paytm Payments Bank App</keyword>, Amazon Pay, Axis banks App while top PSP UPI Players were YES Bank, Axis Bank, State Bank of India, HDFC Bank and Paytm Payments Bank. Among the top UPI Apps, Phone Pe, Google Pay and Paytm accounted for 94.8 per cent of UPI transactions volume and 93 per cent of UPI transactions value as of March 2022, the report showed. The average ticket size (ATS) for UPI P2P (peer-to-peer) transactions was ₹2,455 and ₹860 for P2M transactions (as of March). Credit cards accounted for 7 per cent of transactions, but 26 per cent of value, indicating that customers still prefer to use their credit cards for high value transactions. Debit cards account for 10 per cent of transactions, but 18 per cent in value. The volume has shrunk from previous years likely because of the rise of UPI. As of March, the total number of POS terminals deployed by merchant acquiring banks were 6.07 million with over half a million POS terminals deployed during Q1 2022. The POS deployment witnessed over 28 per cent growth in Q1 2022 compared to a year before. As of March, the total number of Bharat QRs were 4.97 million, a 39 per cent rise as compared to March 2021 while UPI QRs stood at 172.73 million, registering an increase of 87 per cent as compared to March 2021. The total number of credit and debit cards in circulation by the end of Q1 2022 was 991.28 million. As of January, there were about 658 million Internet users and about 1.2 billion mobile subscribers in India. In Q1 2022, consumers made 15.6 billion mobile based payments whereas net banking/Internet browser-based transactions were over 1 billion, the report showed. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/how-to-back-up-and-restore-your-whatsapp-chats-with-google-drive/articleshow/92492128.cms">How to back up and restore your WhatsApp chats with Google Drive</a> <a href="https://www.businessinsider.in/india/news/slow-sowing-wary-global-buyers-can-take-rice-prices-on-the-same-path-as-wheat/articleshow/92489067.cms">Slow sowing, wary global buyers can take rice prices on the same path as wheat</a>

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Mobile wallets Q1 transactions volume drops 4% in India: Report

IANS

Digital payments in India touch Rs 38.3 lakh cr at over 23 bn transactions

IANS

India's largest bank and Hitachi are teaming up to enter the country's booming digital payments space

BI India Bureau

10 things you need to know before the opening bell

Theron Mohamed

Indian consumers made 9.36 bn transactions worth ₹10.25 trillion in Q1 2022

IANS

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