New Delhi: Mobile payments in India initiated by payment apps comprising account-to-account transfers and payments made from stored-value accounts rose 163 pc to $287 billion in 2019, said a report.
By comparison, point-of-sale transactions completed using debit and credit cards, including online and in apps, rose 24 pc to $204 bn, as per S&P Global Market Intelligenceās 2020 India Mobile Payments Market Report. Card and mobile payments as a percentage of Indiaās GDP rose to 20 pc in the quarter ended 31 December, 2019.
Card and mobile payments exceeded ATM withdrawals for the first time in 2019. High growth rates in cashless payments seen in recent years are unlikely to repeat Google Pay and PhonePe led UPI payment apps as the two apps handled over seven billion transactions in total, representing over two-thirds of UPI transactions in 2019.