Payments Industry in India AsaresultofthedemonetizationandthedevelopmentofUPI: 01 Digital transactions grown by 4x in volume and value across various modes fromwalletstocardsandinterbanktransfersfromayearearlier 02 Card transactions at point of sale (PoS) terminals at merchant locations have surged 03 Thenumberofdebitcardtransactionsrosetomorethan1billioninJanuary from817millionlastyear 04 The number of ATM transactions have remained constant at around 700 million, the incremental growth has been driven mostly by card swipes at PoS terminals. CH TE The government has also been promoting smartphone-based transactions through N I F the UPI and the Bharat Interface for Money (BHIM). Both use the Immediate Payment F O Service (IMPS), which has seen a 160% increase in number of transactions amounting TE to 67 million in March up from 26 million one year ago. TA S E TH Global FinTech Trends: India 38