6x growth in contactless payments India More adoption has been seen in sectors such as quick service restaurants, pharmacies, food and grocery over the past three years, a new report showed on Thursday.
In recent years, especially during the pandemic, contactless payments saw a tremendous jump, and their contribution to total face-to-face (F2F) transactions increased more than 6 times to 16 percent from less than 2.5 percent in December 2018. . December 2021, according to a whitepaper by Visa and Worldline India.
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Additionally, the adoption of EMV chip cards has been instrumental to the growth of contactless payments, aided by subsidiary regulations that raised the contactless limit in India to Rs 5,000 in 2021.
Ramakrishnan Gopalan, VP, Products and Solutions, India/South Asia, Visa.
According to Worldline India, where 25 per cent of all transactions in supermarkets were contactless in January 2020, these transactions increased to 31 per cent by January this year.
In 2020 and 2021, Delhi-NCR, Karnataka, Gujarat and Telangana had the highest proportion of contactless transactions and penetration in both debit and credit cards.
Sunil Rongala, Senior Vice President, said, “With the increasing merchant acceptance of contactless cards, we are seeing not only in metro cities but also in non-metro cities, we expect to be the key driver of digital payments in future.” President, Strategy, Innovation and Analytics, Worldline India.
The report said that through the pandemic, contactless payments recovered faster than other forms of face-to-face payments, because of greater consumer ease and security.
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