{"id":4661,"date":"2022-10-27T16:03:14","date_gmt":"2022-10-27T10:33:14","guid":{"rendered":"https:\/\/innoviti.com\/?p=4661"},"modified":"2024-04-17T12:09:39","modified_gmt":"2024-04-17T06:39:39","slug":"digital-payments-in-india-trends-to-watch-out-for-in-2022-23","status":"publish","type":"post","link":"https:\/\/innoviti.com\/blog\/digital-payments-in-india-trends-to-watch-out-for-in-2022-23\/","title":{"rendered":"Digital Payments in India Trends to Watch Out for in 2022-23"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"4661\" class=\"elementor elementor-4661\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9f32b9c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9f32b9c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1d4b749\" data-id=\"1d4b749\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-311bef3 elementor-widget elementor-widget-text-editor\" data-id=\"311bef3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.14.0 - 26-06-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>UPI and other digital payment methods have become the most preferred payment method, both for consumers and merchants. Even in small towns, it is quite common to find QR codes displaced in every establishment for quick and easy digital payments.<\/p><p>As of 2022, there are over 100 million active UPI payment users across India, with at least <a href=\"https:\/\/www.business-standard.com\/article\/economy-policy\/how-credit-card-route-to-upi-may-come-at-a-price-for-merchants-122061200899_1.html\" rel=\"noreferrer nofollow noopner\">50 million <\/a>merchants registered. NEFT (National Electronic Transfer Funds) is losing its market share to UPI and digital payment services and has shrunk by <a href=\"https:\/\/www.businesstoday.in\/interactive\/longread\/upi-the-made-in-india-payments-system-is-rocking-not-just-india-but-is-making-waves-globally-too-171-15-09-2022\" rel=\"noreferrer nofollow noopner\">6% <\/a>in the last five years. Today, nearly 16% of all retail payments are done through UPI now.<\/p><h2 class=\"my-2 h5\">Forces that have driven digital payment trends in 2022<\/h2><p>This growth in digital payments can be attributed to increased access to mobile devices. This in turn has shot up UPI transactions. As more merchants and businesses adopt UPI and other digital payment solutions, digital payment services will become more popular outside the boundaries of metros and tier 1 cities.<\/p><h3 class=\"my-2 h6\">The following data presents a compelling case:<\/h3><ul><li>As of March 2022, India has made a total of <a href=\"https:\/\/www.livemint.com\/technology\/tech-news\/india-made-7-422-cr-digital-payments-in-fy22-at-33-growth-rate-meity-11648038672792.html\" rel=\"noreferrer nofollow noopner\">7422 <\/a>crores in digital payments.<\/li><li>Digital payments have increased by <a href=\"https:\/\/economictimes.indiatimes.com\/tech\/technology\/digital-transactions-up-33-to-rs-7422-crore-in-fiscal-2022-says-meity\/articleshow\/90404504.cms\" rel=\"noreferrer nofollow noopner\">33%<\/a> between 2021 and 2022, and this trend is continuing to grow.<\/li><li>More than <a href=\"https:\/\/www.livemint.com\/technology\/tech-news\/india-made-7-422-cr-digital-payments-in-fy22-at-33-growth-rate-meity-11648038672792.html\" rel=\"noreferrer nofollow noopner\">452.75<\/a> crore transactions have been made through just UPI.<\/li><li>ndia currently leads the world market for digital payments at <a href=\"https:\/\/www.livemint.com\/technology\/tech-news\/india-made-7-422-cr-digital-payments-in-fy22-at-33-growth-rate-meity-11648038672792.html\" rel=\"noreferrer nofollow noopner\">2550<\/a> crore payments.<\/li><li>EMI functions offered through digital payment apps are becoming increasingly popular<\/li><\/ul><h2 class=\"my-2 h5\">How does Innoviti\u2019s UPI Deeplink Boost Merchant Sales?<\/h2><p>Innoviti Technologies upi deeplink solution is a revolutionary digital payment service that has been awarded the Best Bill Payment Solution of 2022. It offers simplicity in function and ease of use. Innovoti Technologies has partnered with the ONDC to empower SMEs and democratize digital payments. Innoviti upi deeplink reduces the time spent on a traditional QR-based UPI transaction and aids all businesses, be it a large retail store or a local kirana store, to go phygital. Here are some of its benefits:<\/p><ul><li>Ideal for <a href=\"https:\/\/ondc.org\/\" rel=\"noreferrer nofollow noopner\">ONDC<\/a> (Open Network of Digital Commerce) users<\/li><li>Secure systems guarantee transactions and transaction data are secure<\/li><li>Traceable digital footprint<\/li><li>Enables payments without a POS device, terminal or QR code<\/li><li>Payments can be made from anywhere<\/li><li>Seamless customer experience<\/li><li>Enhances delivery team productivity<\/li><\/ul><p>For merchants that are ready to embrace the future of payment technology, visit <a href=\"https:\/\/innoviti.com\/\">Innoviti Technologies <\/a>today.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>UPI and other digital payment methods have become the most preferred payment method, both for consumers and merchants. Even in small towns, it is quite common to find QR codes displaced in every establishment for quick and easy digital payments. As of 2022, there are over 100 million active UPI payment users across India, with [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":18846,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[7],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Digital Payment Trends to Keep an Eye on in India \u2013 2022-2023<\/title>\n<meta name=\"description\" content=\"Merchants should stay up to date on the latest trends that impact their business, including digital payment trends in India. 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