Worldline India Digital Payments Report Q1 2020

2020 has compelled us to face an unprecedented crisis caused by the COVID-19 pandemic. It is quite evident that the negative impact on businesses and economies across the globe will be enormous and it will take a while for merchant establishments to recuperate. 

We are pleased to share that Worldline responded quickly to challenges and remained fully operational during the lockdown phase. We successfully extended our support to merchants dealing in essential services and adapted ourselves to the new normal working conditions. As social distancing, working from home, online meetings etc. become part of our daily routine, we will likely see an increase among consumers wanting to spend cashless.

With over 886 million cards, 5 million POS terminals and solutions like UPI, FASTags etc. gaining momentum, our country has the potential to empower consumers with contactless solutions. Recently, the Reserve Bank of India notified card schemes to facilitate card-present transactions with EMV chip and PIN cards in contactless mode. Although transactions with values over ₹2,000 shall be authenticated by PIN, an effort is being made to provide a contact-free transaction facility for customer safety. However, the challenge remains on the acceptance front as there are limited merchant touchpoints.

Providing asset-lite, affordable and secure solutions is the need of the hour and Worldline, being one of the largest merchant acquirers is working with different stakeholders to bridge this gap. This report provides insights on Indian digital transactions processed in Q1 2020 as well as transactions that we processed in our network. In addition to this, we also give our perspective on how the digital payments industry will adapt itself in the coming days. We also urge you to read this brilliant report titled ‘The World After Covid-19’ that was published by Worldline.

Read here: Worldline en-global | The Payments World after COVID-19