The number of transactions via the Unified Payments Interface (UPI) have overtaken the number of debit card transactions in 2018-19, according to a Reserve Bank of India report.
There were as many as 5.35 billion UPI-based transactions, compared to 4.41 billion debit card payments between 2018 and 2019. Besides UPI and debit cards, National Electronic Fund Transfer (NEFT), prepaid payment instruments such as wallets, internet banking are some other popular e-payment options.
During 2017-18, there were 915.2 million UPI transactions, compared to 3.34 billion debit card transactions while during 2018-19, the number of card payment transactions carried out through credit cards and debit cards was 1.8 billion and 4.4 billion, respectively. Prepaid instruments recorded around 4.6 billion transactions.
Another popular e-payment method, NEFT system, handled 2.3 billion transactions in 2018-19, up 19.1% in terms of volume and 32.3% in terms of value against 2018.