India has witnessed a massive upsurge in digital payments in recent years, especially on the back of the pandemic which ushered in seminal changes to all aspects of life - be it in the way we work, the way we travel and, indeed, the way we pay. In a time when health safety norms required us to be confined to our homes, India’s strides in making digital payments simple and universally accessible proved to be the engine that kept humming, regardless of where people were. This has been extremely helpful for users and merchants alike.
The latest India Digital Payments Report by Worldline indicates how both the volume and value of UPI transactions have almost doubled since last year, recording around a 99% increase in volume and over a 90% increase in value compared to Q1 2021. According to NPCI, the UPI transactions remained above INR 10 trillion in June for the second month in a row. UPI-led payments have made life simpler for users including merchants across the country and this phenomenon is not just limited to metros, but also to people living in tier 2 and tier 3 towns and cities.
Fintech companies are looking at new and innovative ways to make digital payments simpler for all kinds of users. These innovations are not restricted to enabling the instant transfer of money, coming up with daily use features like offering the option of splitting bills among friends, but also making the offerings relevant locally. For instance, Indians are naturally bilingual. Their daily conversations are a mix of Hindi and English - popularly known as Hinglish. Today, 350 million Indians are communicating in Hinglish. To facilitate this process, Google Pay recently introduced Hinglish into its app.
The preference for using the Hinglish
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