UPI VS card payment declined: India payment industry is passing through evolving and innovative era, from tangible money to electronic money, from physical payment to online real time payment from change from the card to unified payment system and wallet payment.
Indian government is more focused and have been facilitating and motivating people to use online medium of payment and go cash less. UPI is one of the instrument and emerging method of payment.
UPI dominating the card industry and clock transactions of worth Rs 4.4 lack crore in Apr-June period 2019. Card payment declined significantly in India and continue. analysis done on the basis of data provide NPCI (National payment corporation of India) and reserve bank of India. However in comparative analysis debit card swipes also rise as per RBI data.
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However, UPI is still being observed as P2P money transfer instrument. While cards can be used for all type of merchant payment too. Due to tremendous use of UPI, all the merchant also started using UPI instrument.
Even the combination of merchant payment using card and UPI is around 20% although other than UPI, Google Pay, Paytm and other wallet service have good coverage on transactions.
Speculation of industry is UPI is going to take over other payment method significantly. UPI get wings in ruler part of India too, due to direct P2P transaction and easy to make small merchant secretly. UPI has given wings and playing vital role for Financial Service provider and make service providers.
