Thread by @jasuja

UPI largest retail payment system in India and UPI volumes have exceeded ATM Withdrawals since April 2020: Economic Survey Of India 2021-2022. Could this finally mean India prefers #DigitalPayments over cash? A thread 👇

1. Unified Payments Interface (UPI) is currently the single largest retail payment system in the country in terms of volume of transactions, indicating its wide acceptance In December 2021, 4.6 billion transactions worth ₹8.26 lakh crore were carried out by UPI.

2. 50% of transactions through UPI were below 200. In April-November 2021, UPI processed more than 24.26 million One Time Mandate create transaction of value ₹44,381 crore.

3. ATM usage dipped in April 2020 (Covid Wave-1) and has never since picked up as compared to the massive surge in UPI Volume which continues to exceed ATM withdrawals since this time frame and the gap between the two is so significant till now

4. ATM withdrawals dipping has lead to this note in the report
"the steep rise in digital transactions, notably in UPI payments owing to the pandemic induced shift to contactless payments."

5. Other Indicators of the Growth of Digital Payments
(A) The Digital Payments Index increased from 100 in March 2018 (base period) to 304.06 in September 2021.

6. Other Indicators of the Growth of Digital Payments
Another real-time fund transfer platform available 24x7x365 is Immediate Payment Service (IMPS). In April-December 2021, transactions worth ₹29,349 billion have been processed on IMPS.

7. The rapid digitisation that the Indian Economy needs is finally riding high on the digital payments rails and infrastructure that has been set up by leading agencies and the government to help formalize the Indian economy even further. #AccheDin?

8. This uptick in consumer sentiments in Digital Payments adoption feeds into the Economic surveys High Frequency Indicators (HFIs) to gauge the underlying state of the economy on a real-time basis

9. Summary available in a single post here - linkedin.com/posts/jasuja_d…

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