»Digital Payments Got A Big Push In India This Year And That Included UPI And Credit Cards
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Digital Payments Got A Big Push In India This Year And That Included UPI And Credit Cards
The UPI, or unified payments interface, transactions have been consistently growing month on month. Credit card transactions have also seen a spike in the past few months. The credit cards business also saw a renewed push, with banks and digital platforms investing heavily in the co-branded cards space.
Last Updated:December 31, 2020, 09:30 IST
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The year 2020, because of the circumstances as they unfolded, gave digital payments the sort of push that couldn’t have been expected in just less than 12 months. Mobile wallets, credit cards, debit cards and unified payments interface (UPI) became the preferred modes of payment for many, be it for a quick and socially distanced run to the nearby shops to buy groceries and essentials, be it online shopping, bill payments and prepaid mobile recharges, or be it a nice meal at a restaurant in the world of social distancing. Lesser cash transactions meant lesser interaction with fellow humans, quicker checkouts and less risk of the virus and germs touching your skin. The numbers have their own story to tell to corroborate the robust growth that digital payments have seen through the year, and we have equally seen the implementation of policies and decisions by the government and the regulators as well as the addition of new features by mobile payment platforms, to make things simpler for users.