The UPI surge

Unified Payments Interface (UPI) is the most preferred payment mode among individuals, with a person-to-merchant (P2M) market share of 64% in volume and 50% in terms of value. However, consumers still prefer to use their credit cards for high-value transactions; these account for 26% of value. The use of debit cards has shrunk—these account for 10% of transactions but only 18% of value—because of the rise of UPI.

Private sector banks account for over two-third of point-of-sale terminals.

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