Chennai ranks among top 5 in digital payment transactions

Tags: Reports Economy/Finance

Chennai has emerged as one of the top digital payment transaction cities in the country in 2022, according to a report by payment services firm Worldline India.

An overview of the news

• In terms of volume, according to Worldline India, Chennai has done 14.3 million transactions with a value of USD 35.5 billion. It is at number five.

• Bengaluru tops with 29 million transactions worth USD 65 billion, followed by New Delhi 19.6 million transactions worth USD 50 billion, Mumbai (18.7 million transactions worth USD 49.5 billion), Pune (15 million transactions worth USD 32.8 billion).

• In 2022, frequently visited physical merchant categories like grocery stores, restaurants, clothing and apparel, pharmacy, household appliances together accounted for over 43 per cent in terms of volume and about 40 per cent in terms of value, across the country.

• E-commerce space, gaming, utility and financial services contributed to over 85 per cent of transactions and 25 per cent in terms of value. 

• Education, travel and hospitality sector accounted for 15 per cent in volume and 75 per cent in terms of value.

What is a Digital Payment System?

• A digital payment is sometimes called an electronic payment.

• It is the transfer of value from one payment account to another using a digital device such as a mobile phone, POS (Point of Sales) or computer.

Modes of Digital Payments

• Unified Payments Interface (UPI)

• Bharat Interface for Money (BHIM)

• UPI 123PAY

• UPI Lite

• Cards (RuPay Debit Cards)

• Immediate Payment Services (IMPS)

• Aadhaar Enabled Payment System (AePS)