UPI and other digital payment methods have become the most preferred payment method, both for consumers and merchants. Even in small towns, it is quite common to find QR codes displaced in every establishment for quick and easy digital payments.
As of 2022, there are over 100 million active UPI payment users across India, with at least 50 million merchants registered. NEFT (National Electronic Transfer Funds) is losing its market share to UPI and digital payment services and has shrunk by 6% in the last five years. Today, nearly 16% of all retail payments are done through UPI now.
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Forces that have driven digital payment trends in 2022
This growth in digital payments can be attributed to increased access to mobile devices. This in turn has shot up UPI transactions. As more merchants and businesses adopt UPI and other digital payment solutions, digital payment services will become more popular outside the boundaries of metros and tier 1 cities.
The following data presents a compelling case:
- As of March 2022, India has made a total of 7422 crores in digital payments.
- Digital payments have increased by 33% between 2021 and 2022, and this trend is continuing to grow.
- More than 452.75 crore transactions have been made through just UPI.
- ndia currently leads the world market for digital payments at 2550 crore payments.
- EMI functions offered through digital payment apps are becoming increasingly popular
How does Innoviti’s UPI Deeplink Boost Merchant Sales?
Innoviti Technologies upi deeplink solution is a revolutionary digital payment service that has been awarded the Best Bill Payment Solution of 2022. It offers simplicity in function and ease of use. Innovoti Technologies has partnered with the ONDC to empower SMEs and democratize digital payments. Innoviti upi deeplink reduces the time spent on a traditional QR-based UPI transaction and aids all businesses, be it a large retail store or a local kirana store, to go phygital. Here are some of its benefits:
- Ideal for ONDC (Open Network of Digital Commerce) users
- Secure systems guarantee transactions and transaction data are secure
- Traceable digital footprint
- Enables payments without a POS device, terminal or QR code
- Payments can be made from anywhere
- Seamless customer experience
- Enhances delivery team productivity
- For merchants that are ready to embrace the future of payment technology, visit Innoviti Technologies today.