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Indian Banking Sector - Digital Payments Momentum Continues; Significant Growth In UPI: Systematix

Indian Banking Sector - Digital Payments Momentum Continues; Significant Growth In UPI: Systematix

<div class="paragraphs"><p>A customer scans a payment QR code. (Photographer: Camilo Freedman/Bloomberg)</p></div>
A customer scans a payment QR code. (Photographer: Camilo Freedman/Bloomberg)

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Systematix Research Report

Total digital payments for the Indian banking industry increased by 32.2% YoY and 4.5% month-on-month in November 2021 to Rs 148 trillion, contributing to ~97% of the overall payments.

Total retail digital payments (contributing to ~88% of the retail payments) increased by 19% YoY and declined by 5.4% month-on-month to Rs 38.2 trillion in November 2021.

Further dissection of the broader data points suggests strong YoY growth for most retail digital payment platforms - IMPS 32%, NEFT 4%, UPI 97%, credit cards 20% and prepaid payment instruments 53%.

Click on the attachment to read the full report:

Systematix Indian Banking Sector - Digital Domination.pdf

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