Contactless payments see Six times growth in last 3 years

June 16, 2022
Current Context: According to a whitepaper released by Visa and Worldline India. Contactless payments’ contribution to total face-to-face transactions grew more than six times to 16% in December 2021 compared to 2.5% in December 2018.
Contactless payments see Six times growth in last 3 years
  • This analyses India’s journey with digital payments infrastructure and contactless payments, highlighting the rapidly growing adoption across regions and sectors.
  • Besides that, the adoption of EMV chip cards has been pivotal for the growth of contactless payments, aided by supportive regulations that increased the contactless limit in India to Rs 5,000 in 2021.
  • The highest adoption of contactless payments was observed in sectors like quick-service restaurants, pharmacies, food, grocery, etc., which accelerated with the impact of the pandemic.
  • According to the report, 25% of all transactions at supermarkets were contactless in January 2020, later it has increased to 31% by January 2022.
  • Apart from that Worldline India Digital Payments Report 2021 has shown that while cards contribute to 26% of all digital transactions, they generate 53% of the value of all digital commerce.
  • Contactless payments can result in repeat purchases, customer stickiness, and financial inclusion through cards.

Question:

Q.1 According to a recent report, Contactless payments’ contribution to total face-to-face transactions grew __________ to 16% in December 2021.
a. 7 times
b. 8 times
c. 6 times
d. 10 times

Free Exam Resources

Useful material to support your preparation, revision and exam planning.

Continue on BankExamsToday

Revise notes, practice questions and resume anytime.

Meet your mentor

From the Founder

Ramandeep Singh, founder of BankExamsToday

Ramandeep Singh

Banking Educator · Former Banker

Former banker and educator helping aspirants prepare for banking promotion and specialist officer exams with focused, practical guidance.

14+
Years' experience
5,000+
Selections
Ex-BoB
Banking experience