The UPI surge

Unified Payments Interface (UPI) is the most preferred payment mode among individuals, with a person-to-merchant (P2M) market share of 64% in volume and 50% in terms of value.

The use of debit cards has shrunk—these account for 10% of transactions but only 18% of value—because of the rise of UPI. (IE)

Unified Payments Interface (UPI) is the most preferred payment mode among individuals, with a person-to-merchant (P2M) market share of 64% in volume and 50% in terms of value. However, consumers still prefer to use their credit cards for high-value transactions; these account for 26% of value. The use of debit cards has shrunk—these account for 10% of transactions but only 18% of value—because of the rise of UPI.

Private sector banks account for over two-third of point-of-sale terminals.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

Most Read In Opinion
Photos