Mobile wallets Q1 transactions volume drops 4% in India: Report

The number of transactions done on mobile wallets in Q1 2020 was 1.08 billion and the value of transactions was Rs 429 billion in India, recording about four per cent drop in volume and about six per cent drop in value over Q1 2019, a report said on Tuesday.

However, Unified Payments Interface (UPI) recorded a substantial transaction volume of 3.87 billion in Q1 2020, an increase of 81 per cent from a year ago, said the report from payments company Worldline India.

In terms of value, UPI facilitated transactions worth Rs 6.45 trillion, up 84 per cent from the previous year, according to the report titled “India Digital Payments Report – Q1 2020”.