Contactless payments saw huge growth in India


New Delhi : Contactless payments witnessed a 6 times growth in India in the last three years and the highest adoption was observed in sectors like quick service restaurants, pharmacies, food, grocery, a new report showed on Thursday. Contactless payments saw a tremendous surge in recent years, especially during the pandemic, and their contribution to total face-to-face (F2F) transactions grew by more than 6 times, from less than 2.5 per cent in December 2018 to 16 per cent in December 2021, according to a whitepaper by Visa and Worldline India. Additionally, the adoption of EMV chip cards has been pivotal for the growth of contactless payments, aided by supportive regulations that increased the contactless limit in India to Rs 5,000 in 2021.

“We have observed that the key drivers of contactless growth — availability, convenience, utility, and security — will continue to aid adoption at scale as contactless cards become ubiquitous,” said Ramakrishnan Gopalan, VP, Head of Products and Solutions, for India/South Asia, Visa. According to Worldline India, while 25 per cent of all transactions at supermarkets were contactless in January 2020, these transactions rose to 31 per cent by January this year