.jpg)
As India's digital and less-cash journey gains steam, more and more people are not only purchasing their daily essentials via unified payments interface (UPI) mode of digital transactions but also costly home appliances, high-end gadgets and designer apparels, among other things.
The seamless digital journey via the UPI mode has also resulted in people overspending on stuff they actually may not need at times, experts said on Saturday.
The purchasing trend via UPI/QR code is due to the fact that digital transactions now take a jiffy to complete the purchase journey via smartphones.
According to a recent survey by IIIT Delhi, nearly 74 per cent of people in the country are ‘overspending’ as a result of using UPI and other digital payment methods.
"The convenience and ease of digital transactions through UPI, in comparison to cash, may indeed lead to lower awareness of spending, as transactions are seamless and reduce the tangible feel of money leaving one's possession," Prabhu Ram, Head, Industry Intelligence Group at market intelligence firm CMR, told IANS.
Latest data from the National Payments Corporation of India (NPCI) revealed that the number of Unified Payments Interface (UPI) transactions reached 1,330 crore in April. On a year-on-year basis, the UPI transaction count has increased by 50 per cent.
Last year, the UPI transactions increased by almost 60 per cent to reach a record 11,768 crore.
Ramesh Narasimhan, Chief Executive Officer-India, Worldline, said that UPI maintains its position as the uncontested frontrunner, buoyed by substantial expansion in mobile transactions.
"This trend underscores users' growing confidence and familiarity with smartphone-based payment methods," Narasimhan added.
The average ticket size (ATS) of UPI transactions has also declined by 8 per cent from Rs 1,648 to Rs 1,515.
According to experts, consumer spending in India is soaring, with people splurging on cars, smartphones, TVs and other items, boosting the country's economic growth.
However, the trend has also seen people overspending on certain high-priced items, thanks to UPI.
A recent report by Nielsen Media India, on behalf of Amazon India, showed that digital payment methods are on the rise in the country, with 42 per cent of consumers saying they will choose UPI for online festive shopping.
.jpg&description=UPI payments see surge in India, leading people to overspending too: Experts){kind=link}
Four held in Tripura for social media posts relating to Pahalgam terror attack
Police arrested four people including two retired teachers in the past 24 hours from Tripura’s three districts for making controversial posts on social media relating to the Pahalgam terror attack, officials said on Saturday.
Indian Army responds firmly to ceasefire violations by Pakistani troops along LoC
In the wake of the recent terrorist attack in Pahalgam, Pakistan has resorted to unprovoked ceasefire violations along the Line of Control (LoC). Over the past two days, Pakistani military posts have been targeting Indian positions with small-arms fire. The Indian Army has given a strong and appropriate response to these provocations, official sources said.
US religious freedom body finds conditions for Pakistan minorities 'worsening', urges strong action
Finding "a worsening religious and political climate of fear, intolerance, and violence" for minorities in Pakistan, the US Commission on International Religious Freedom (USCIRF) has asked President Donald Trump's administration to take strong measures against the Islamic Republic.
Residences of LeT commanders, Pahalgam attack suspects demolished across Kashmir
Security forces have intensified their crackdown on Lashkar-e-Taiba (LeT) operatives and suspects linked to the deadly Pahalgam terror attack that claimed 26 lives on April 22.
India, Pakistan will 'get it figured out,' says Trump on border tensions
US President Donald Trump refused to be drawn into India-Pakistan border tensions in the aftermath of the Pahalgam terrorist attack, stating that the two countries will "get it figured out one way or the other."
CM stresses scientific drain construction to combat flood
Chief Minister Prof. Dr. Manik Saha today emphasized the need to construct drains in a scientific manner to quickly drain the water accumulated in the city during heavy rains.
Bangladeshi man, drug smuggler held at Agartala Railway Station
In a significant development, two separate operations at Agartala Railway Station led to the arrest of a Bangladeshi national for illegal entry into India and a local individual involved in attempting to smuggle ganja to Assam.
Suspected Bangladeshi flag on Rickshaw, two detained
Tension flared in the Joynagar area of Agartala on Thursday late night after locals detained two individuals in connection with a rickshaw allegedly bearing the national flag of Bangladesh.