Here’s how Indians paid for non-cash transactions in FY22

May 16, 2023

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Anatomy of Fraud report

Here’s how Indians paid for non-cash retail transactions in FY22 as per the Anatomy of Fraud 2023 report from Bureau. Most non-cash modes of payment have witnessed a decline in share due to a rise in UPI payments.

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UPI

Unified payments interface or UPI emerged as the king, with 57 percent of non-cash retail transactions being done using UPI in FY22. The share of UPI has increased from 36 percent in FY20 to 57 percent in FY22.

Credit: NPCI

Debit cards

Debit cards have emerged as the second most popular mode of non-cash transaction for retail users, with 13 percent of transactions being done using a debit card in FY22, down from 15 percent in FY20.

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M-wallet

M-wallet or mobile wallets are at the third position with 7 percent of transactions being done in FY22, down from 12 percent in FY20. M-wallets include apps such as Paytm, Freecharge, MobiKwik and more.

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IMPS

Immediate Payment Service or IMPS accounted for 6 percent of non-cash retail transactions in FY22, down from 7 percent in FY20.

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NACH

NACH or National Automated Clearing House accounted for 5 percent of non-cash retail transactions in FY22, down from 11 percent in FY20. NACH is a system used for payment of salaries, dividends, pensions, interest and other similar high-volume transactions.

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NEFT

National Electronic Fund Transfer or NEFT accounted for 5 percent of non-cash retail transactions in FY22, down from 8 percent in FY20.

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Credit cards

Credit cards accounted for 3 percent of non-cash retail transactions in FY22, down from 6 percent in FY20.

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Cheque

Cheques accounted for just 1 percent of non-cash retail transactions in FY22, down from 3 percent in FY20.

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Others

Other modes of payments accounted for 2 percent of non-cash retail transactions in FY22, down from 3 percent in FY20.

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