The average ticket size (ATS) of all transactions on United Payments Interface (UPI) in H1 2023 was pegged at Rs 1,604, marking a 10 per cent decline, compared to Rs 1,774 in H1 2022, according to data from Worldline India's Digital Payments Report. The reduction in the overall ATS on UPI is a good sign, suggesting a deeper embedding of UPI as it is being used for smaller or micro-transactions, and the dip is driven by the growth in person-to-merchant (P2M) transactions, the report said. The ATS of P2M transactions dipped 21 per cent from Rs 839 in H1 2022 to Rs 659 in H1 2023.
Debit card payments remained sluggish due to the surge in digital transactions after the pandemic, and the Unified Payments Interface (UPI) has emerged as the most popular mode of money transfer, particularly for small value transactions, according to RBI data. In July 2020, the total debit card spends stood at Rs 2.81 trillion, as compared to Rs 3.15 trillion in July 2023, reflecting a growth of 11.96 per cent. UPI spends have seen a whopping growth of 428 per cent, zooming from Rs 2.90 trillion to Rs 15.33 trillion during the same period, the data revealed.
In March this year, Worldline India launched Vabox (Voice Alert Box): merchants will now get instant audio alerts on the settlement of UPI (Unified Payments Interface) payments via QR codes in languages of their choice when customers check out. "They needn't worry whether the amount has been credited to their account," says Gulshan Pruthi, the firm's executive vice-president. The French payments giant will roll out 500,000 Vaboxes in the initial phase.
Scammers and fraudsters keep coming up with creative ways to gain access to sensitive information and only by being alert and aware of such attempts can data privacy be truly maintained.
Niranjan Upadhye, general manager, fraud risk management, Worldline India, tells you how to quickly spot a scam and save yourself from grief.
DCC is the answer to your currency woes says K Veeraraghavan.
Do not click on any pop-ups, links in messages or notification balloons if you are off the corporate VPN, warns Niranjankumar Laxman Upadhye.
If the credit card is not used judiciously, it can cause havoc with one's personal finances, warns Sarbajeet K Sen.
Do not trust any incoming phone calls or mails that ask you to install any file or programme, warns Niranjan Upadhye, general manager-fraud risk management, Worldline India.
Beware of spot offers and discounts aimed to lure you into binge buying.
Look carefully at any ad or pop up that tempts or attracts you with freebies and offers etc. It could be a scam, warns Niranjankumar Upadhye.
Handle cards like you would handle cash.
Be careful if you find your postal mails/ bank and financial statements intercepted, pilfered or tampered with.
Do not share your passwords or personal information with anyone.
According to data from Venture Intelligence, PEs invested in two mobile payment solutions firms each in 2009, 2010 and 2011. This grew to four deals in 2012 and five deals in 2013.
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