Groceries, petrol stations, restaurants, clothing and apparel, specialty retail, pharmacy and medical, hotels, jewelry retail, household appliances, and departmental stores were the merchant categories with the highest volume and value of transactions in Q1 for Worldline India. They together accounted for 85 percent in terms of volume and 76 percent in terms of value in Q1 2021 at the physical merchant touchpoints.
In the online space, e-commerce (shopping for goods and services), gaming, utility, and financial services contributed to over 85 percent of transactions in terms of volume and 41 percent in value in Q1 2021.
Mobile app-based transactions recorded 96 percent growth in volume in Q1 2021, while its value witnessed over 104 percent increase against the same quarter of the previous year i.e. Q1 2020. Interestingly, 88 percent of mobile transactions comprised of inter-bank transactions while 12 percent accounted for intra-bank transactions. In terms of value, 79 percent of mobile transactions comprised of interbank transactions while 21 percent accounted for intra-bank transactions.
Consumers made 8.32 billion mobile-based payments whereas net banking / internet browser-based transactions were over 937.60 million in Q1 2021. In terms of value, Rs 31.98 trillion was transacted through mobile while Rs 131.34 trillion was transacted through the internet.
Net banking/ internet-based transactions witnessed over 16 percent increase in volume in Q1 2021 and 39 percent in value against the same quarter of the previous year i.e. Q1 2020. Inter-bank and intra-bank transactions volume of internet payments channels were 80 percent and 20 percent respectively. In value terms, inter-bank and intra-bank transactions were around 50 percent.
It is evident from the data that consumers prefer mobile apps frequently for small ticket size transactions and net banking/ browser-based channels for high ticket size transactions.
The top 10 states with the highest transactions at physical touchpoints in Q1 for Worldline India are Maharashtra, Tamil Nadu, Karnataka, Kerala, Andhra Pradesh, Delhi, Uttar Pradesh, Gujarat, Telangana, and West Bengal.
The top 10 cities with the highest number of transactions at physical touchpoints in Q1 for Worldline India are Bengaluru, Mumbai, Hyderabad, Chennai, Pune, Delhi, Kolkata, Coimbatore, Ernakulam, and Ahmedabad.
Deepak Chandnani, Managing Director, Worldline South Asia & Middle East said, “The RBI in its Annual Report 2020-21 stated that the payment systems recorded a robust growth of 26.2 percent in terms of volume on top of the expansion of 44.2 percent in the previous year. This clearly indicates the growing confidence among consumers towards digital payments in tier I and II cities and tier III and beyond. Although the restrictions on the movement of people and persistent lockdowns may have compelled people to adopt digital payment modes, the convenience, transparency, and security of digital payments will ensure customer stickiness in the years to come. At Worldline, we remain committed to contributing to digital penetration in India by enhancing acceptance infrastructure across the country and introducing innovative payment options to improve user experience and deepen the reach of the payment system.”
In a spirited discussion on AI and the retail industry, Puneet Chandok, President of Microsoft India and South Asia delved deeply into India's role in transforming the world through Artificial Intelligence and technology enablement. He discussed Microsoft's commitment to India, not only in training Indian talent but also in leveraging it.
On Monday, Prime Minister Narendra Modi had praised the Tech Entrepreneurs Association of Mumbai (TEAM) for hosting Mumbai Tech Week and their ongoing involvement in building tech startups in the country. During a panel discussion with Haptik CEO Aakrit Vaish at Mumbai Tech Week, Puneet Chandok, President of Microsoft India and South Asia, emphasized the transformative impact AI could have on various aspects of daily life.
Chandok stated, “When we look at India through the lens of demand, supply, and impact, there is no other market like India today. There are 7,000 listed companies in India and one hundred thousand startups. Many startups are in Maharashtra, and one hundred new startups are emerging in India every day. India is the largest SMB market globally, making it one of the most exciting markets today.”
He further added, “When we look at the supply lens and examine Microsoft's data, one out of four projects on AI in GitHub today is run out of India. Every sixth AI researcher in the world is from India. In the next ten years, 25 percent of the global workforce will come from India, meaning every fourth worker in the world will be from India.”
Discussing the growing influence and power of Artificial Intelligence, Chandok mentioned, “Last night, my 12-year-old daughter was creating text-to-video, and she told me that AI will change her life. She is an artist; she draws and paints. This also indicates how the younger generation perceives AI.”
Expanding on this, Chandok continued, “People will stop searching and instead have conversations. I have stopped searching myself; in fact, I was conversing with my Copilot to understand what is happening at the event and what I should speak about. We have shifted from searching to genuine conversations. This is not just chat drama anymore. These are sophisticated engines providing reasoning within.”
Regarding his personal perspective, Chandok remarked, “People say AI is overhyped, but I think it's not hyped enough. The next generation, which will use this in the next few years, will have much higher expectations of what technology can do for them. So, how you build it for that generation, how you build it for that future, will be really interesting to see."
Chandok also emphasized that those who do not embrace AI, risk falling behind in the rapidly evolving technological landscape. He encouraged Indian developers to seize the "lifetime opportunity" to become unstoppable by learning to use and deploy AI effectively.
He concluded, “If you are not learning AI, you are falling behind. I myself spend 30 minutes a day to learn more about AI. Technology is changing every day, and it has been 15 months since ChatGPT was launched. The speed of technology diffusion is unlike anything I have seen in my life, and it is advancing very rapidly. My call to action for everyone is to find a way to learn, otherwise, we will all fall behind.”
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