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Quarterly Payments Tracker 30 March 2021 Please read important disclaimers at the end / Payments Report In this report, Non-Cash Payments/Transacons refers to payments through the following modes: RTGS, CCIL clearing systems, Cheques, NEFT, IMPS, UPI, NETC, ECS, NACH, Credit Cards (non-ATM payments), Debit Cards (non-ATM payments), Prepaid Payment Instruments (popularly known as wallets), BHIM Aadhaar Pay, Aadhaar Enabled Payment Systems and Aadhaar Payments Bridge. Retail non-Cash Payments/Transacons refers to Non-Cash Payments/Transacons as per above excluding RTGS and CCIL clearing systems. Retail Digital Payments/Transacons in addion excludes Cheques. Data in this report is updated ll January-2021 and thus unless otherwise stated data pertains to January-2021. The source for all data in this report is the Reserve Bank of India and the Naonal Payments Corporaon of India / Summary Payments Report Overall non-cash Payments declined 2% YoY in January. Transacons connue to outpace payments in value terms reflecng the growth in smaller sized payments. Overall transacons grew 20% YoY in January. Over the past 3 months non-cash payments have grown in low single digits while transacons have grown over 20%. In contrast digital payments, have grown over 25% in value terms and digital transacons over 30% in recent months. UPI connues to drive digital payments. Despite the reasonably large base, payments through UPI have been growing over 100% YoY. UPI now accounts for over 10% of digital payments. In contrast, Credit and Debit cards, the two pure consumpon driven payment modes have seen payment throughput decline in the last two months. Payment wallets have also been seeing declining payment throughput in recent months (although Jan-21 saw a growth). This would suggest, prima facie, that UPI is gaining at the expense of other modes of payments Google Pay and PhonePe connue to dominate the UPI app ecosystem. The two account for ~85% of all payments UPI. PayTM comes in a distant third with single digit share. All other apps, including those from individual banks account for less than 10% of payments. That said, there has been a change in pecking order: Google pay has lots market share from ~45% to ~40% while PhonePe has seen a commensurate increase. PayTM has also seen a slight increase in market share. Both Credit and Debit card base has grown in high single digits over the past year. That said there are significant bank level differences. For example IndusInd and ICICI Bank have seen over 15% growth in credit card base over the past year while MNC issuers like Ci or Amex have seen a decline. Similarly in debit cards, while RBL Bank has seen over 30% growth in card base, banks like Axis and ICICI have seen a decline. Number of payment Wallets connue to grow even as payments through wallets are struggling. Number of wallets have grown 17% over the past year to reach 1.5 billion or ~1.5x the populaon. IndusInd has the best credit card franchise. It customer base consistently has the highest monthly spends per card - 50-100% higher than the average for all Banks. HDFC Bank and SBI also have monthly spends per card above the average of all Banks. But other large Private sector banks like Axis, ICICI or Kotak have monthly spends below the average of all Banks. Amongst the MNC issuers Amex and Ci have the best franchises. Ci for example has the same number of cards as Kotak but sees 2x the payment througput as that of Kotak. The total number of ATMs in the country has almost tagnated at just over 2.3 million with some banks even culling some of their ATMs. That said micro ATMs are growing at a very rapid pace. Number of Micro ATMs have grown by almost 50% over the past year and there are now 1.6 micro ATMs for every standard ATM in the country. An overwhelming number (over 50%) of these micro ATMs are deployed by just one enty - Fino Payments Bank. POS terminals is an important part of Payments infrastructure. Aer a strong growth in the last few years, growth in POS terminals had slowed down sharply in 2020. But last few months have seen a pick up with over 15% growth since Sept-2020. There are now 6 millon POS terminals in the country currently - a 2x growth in the last 3 years. RBL Bank is the dominant player in this market with 33% share. In addion, QR codes are becoming popular and there are almost 3m Bharat QR codes. Value of Non-Cash Payments (₹) Number of Non-Cash Transacons ₹ 150T 8bn 6bn ₹ 100T 4bn ₹ 50T 2bn ₹ 0T 0bn t t y y y y y y y y ch ch July July Ma Ma June June ober ober ober ober April April Mar Mar ember ember ember ember ember ember ember ember Augus Augus t t t t v v v v Januar Januar Januar Januar ebruar ebruar Oct Oct Oct Oct F F December December December December No No No No Sep Sep Sep Sep 2019 2020 2… 2019 2020 2… / Key Modes of Payments Payments Report NEFT dominates the Retail Digital Payments space accounng for almost 70% of the Payments. But NEFT is an old Payment mode and being used largely for bigger cket retail payments. It is the rise of UPI, from zero 5 years ago to 12% currently, that is most stunning. It has now overtaken IMPS which serves similar funconality. Payment Wallets are gradually losing share and Credit Cards also lost share in 2020, perhaps reflecng lower discreonary spends. Despite compeng with UPI, Debit cards are gaining in popularity and are now bigger than Credit Cards in terms of spends. Composion of Digital Payments (trailing 3 months) NEFT UPI 12.3% IMPS Other Modes 8.5% 6.3% Debit Cards Credit Cards 68.8% 2.3% 1.9% Market Share in Retail Digital Payments UPI Credit Cards Debit Cards Wallets 10.0% 6.0% 2.5% 2.5% 2.3% 2.2% 2.1% 2.1% 2.3% 2.3% 1.8% 0.7% 0.8% 0.7% 0.6% 0.3% 2017 2018 2019 2020 / Payment Infrastructure Payments Report Not surprisingly, SBI dominates the installed ATM base with 25% share. Even incrementally, while some Private sector banks appear to be pruning their ATM, SBI is expanding albeit at a very modest pace. RBL Bank dominates the POS Terminal market with a third of the installed base. And it has grown its POS Terminals by over 50% in the past year even as Banks like Axis or HDFC have seen ~10% growth. RBL is also very acve in Debit card issuances with over 30% growth in the past year. Curiously in the Credit Card market, while overall card base is growing in high single digits, Foreign Banks seem to have shrunk their base. Even some of the Private sector Banks like Axis have barely grown while IndusInd has grown almost 20% Distribuon of ATMs Distribuon of POS Terminals HDFC 6% Axis 7% SBI 13% Axis 9% ICICI 7% HDFC 15% SBI 25% RBL 33% ICICI 9% Others 54% Others 21% Growth in ATMs (trailing 12 months) Growth in POS Terminals (trailing 12 months) RBL Bank 6.5% Indusind Bank Ltd 61% HDFC Bank Ltd 4.4% RBL Bank 58% Kotak Bank 4.3% All Banks 22% Indusind Bank Ltd 4.2% ICICI Bank Ltd 20% State Bank Of India 1.0% State Bank Of India 15% All Banks 0.5% Kotak Bank 14% Axis Bank Ltd -2.1% Axis Bank Ltd 12% ICICI Bank Ltd -3.5% HDFC Bank Ltd 9% Bank Of Baroda -11.9% Bank Of Baroda -15% Growth in Credit Cards (trailing 12 months) Growth in Debit Cards (trailing 12 months) Indusind Bank Ltd 18.1% RBL Bank 32.4% ICICI Bank Ltd 15.7% Indusind Bank Ltd 20.0% State Bank Of India 13.7% Kotak Bank 19.0% RBL Bank 12.3% Standard Chartered 10.9% Bank Of Baroda 17.5% All Banks 8.9% HDFC Bank Ltd 14.8% HDFC Bank Ltd 7.6% All Banks 8.8% Kotak Bank 3.5% State Bank Of India 6.8% Axis Bank Ltd 1.3% ICICI Bank Ltd -5.0% Ci Bank -4.4% American Express -6.6% Axis Bank Ltd -5.6% / UPI Apps Payments Report PhonePe and Google Pay connue to remain the dominant apps in the UPI ecosystem. While Google Pay has lost market share in the last few months, Phone Pe has increased its market share. Both of them together account for 85% of all UPI payments. PayTM is a distant third with just under 10% market share. All the remaining apps including apps of individual banks account for just 6% of UPI payments. Market share of UPI Apps in last 3 months Trends in Market share of Key UPI Apps PhonePe Google Pay PayTM Other Apps 6% 50% PayTM 9% PhonePe 44% 40% 30% 20% 10% t y y y July Ma June ober April ember ember Augus t v Januar ebruar Oct F December Google Pay 41% No Sep 2020 2021 UPI Payments through PhonePe App UPI Payments through Google Pay App ₹ 2.0T ₹ 1.5T ₹ 1.5T ₹ 1.0T ₹ 1.0T ₹ 0.5T ₹ 0.5T ₹ 0.0T ₹ 0.0T t t y y y y y y July July Ma Ma June June ober ober April April ember ember ember ember Augus Augus t t v v Januar Januar ebruar ebruar Oct Oct F F December December No No Sep Sep 2020 2021 2020 2021 UPI Payments through PayTM Payments Bank App UPI Payments through Amazon Pay App ₹ 0.4T ₹ 40bn ₹ 0.3T ₹ 30bn ₹ 0.2T ₹ 20bn ₹ 0.1T ₹ 10bn ₹ 0.0T ₹ 0bn t t y y y y y y July July Ma Ma June June ober ober April April ember ember ember ember Augus Augus t t v v Januar Januar ebruar ebruar Oct Oct F F December December No No Sep Sep 2020 2021 2020 2021 / Payments Report DISCLAIMER Copyright © SixtyFour Data Intelligence LLP, 2021 All rights reserved.
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