May 16, 2023
By: Sourabh JainHere’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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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 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 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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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 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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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 accounted for 3 percent of non-cash retail transactions in FY22, down from 6 percent in FY20.
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Cheques accounted for just 1 percent of non-cash retail transactions in FY22, down from 3 percent in FY20.
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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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