Brands
UPI recorded transaction volume of 10.8 bn in 2019: Worldline India Digital Payments Report
DELHI: In 2019, the four forms of online payments — debit cards, credit cards, Immediate Payment Services (IMPS) and Unified Payments Interface (UPI), recorded a combined transactions volume of over 20 trillion and combined value of over Rs trillion, reveals the annual Worldline India Digital Payments Report.
The report mentions UPI as the most preferred mode of payment in terms of volume and perhaps the fastest product to hit 1 billion transactions-a-month in 2019 since its inception in August 2016.
“It recorded a substantial transaction volume of 10.8 billion in 2019, a YoY increase of 188 per cent. In terms of value, UPI facilitated transactions worth Rs trillion, up 214 per cent from 2018,” reads the report.
In terms of value, IMPS led the roost, followed closely by UPI. It clocked Rs trillion, up 41 per cent from 2018. In 2019, it on-boarded 165 banks under its ecosystem bringing the total number of banks providing IMPS services to the customers of 559 banks by end of 2019.
Transactions volume passing through Bharat Bill Payment Central Unit (BBPCU) – NPCI recorded a YoY increase of 133 per cent. The transaction value witnessed an increase of 174 per cent, standing at Rs 186.8 billion.
The number of POS terminals deployed by merchant acquiring banks increased to 4.98 million in December 2019 from 3.59 million in December 2018, registering a YoY increase of 39 per cent. RBL bank, HDFC bank, State Bank of India, Axis bank and ICICI bank emerged as top five merchant acquiring banks to deploy POS terminals in 2019.
Grocery, restaurants, petrol stations, apparel stores and speciality retail emerged as the merchant categories with the highest volume and value of transactions in 2019 for Worldline India.
“They accounted for about 62 per cent volume of transactions and about 39 per cent value of transactions. It is interesting to note that while jewellery stores accounted for only 1 per cent of total volume of transactions, they accounted for 8 per cent of total value of transactions,” reads the report.
The top 10 states with the highest transactions in 2019 for Worldline India included Maharashtra, Karnataka, Tamil Nadu, Delhi, Andhra Pradesh, Gujarat, Kerala, Uttar Pradesh, Haryana, and West Bengal. Top 10 cities with the highest number of transactions in 2019 for Worldline India were Bengaluru, Chennai, Mumbai, Pune, Hyderabad, Delhi, Kolkata, Gurgaon, Coimbatore and Ernakulam.
Worldline India (WI) is wholly owned by Worldline SA, a leading payments company in Europe that is listed on Euronext Paris. Worldline entered India in 2010 with the acquisition of Venture Infotek followed by the acquisition of MRL Posnet in 2017.
Brands
Bosch and Tata AutoComp to form JV for e-mobility in India
Equal stake venture to build electric drive systems and motors
BENGALURU: Bosch Limited and Tata AutoComp Systems are joining forces to tap into India’s fast-evolving electric mobility story, announcing plans for a 50:50 joint venture focused on key vehicle electrification technologies.
The proposed venture, expected to begin operations by mid-2026 subject to regulatory approvals, will focus on engineering, manufacturing and sales of eAxle systems and electric motors. Headquartered in Pune, it aims to bring global technology closer to the local market at a time when India’s automotive sector is shifting gears towards electrification.
For Bosch Group India president and Bosch Limited managing director Guruprasad Mudlapur, the direction is clear. He noted that battery electric technology is central to reducing emissions across passenger vehicles and select commercial segments, adding that the partnership is designed to accelerate adoption through advanced and efficient solutions.
The collaboration reflects a broader shift in the mobility landscape, where global expertise is increasingly being localised. Bosch Limited joint managing director and Mobility Solutions India president Sandeep Nelamangala, pointed out that customers are seeking cutting-edge global technologies tailored for India, a demand this venture aims to meet.
From Tata AutoComp’s perspective, the partnership brings complementary strengths to the table. Tata AutoComp vice chairman Arvind Goel, highlighted that India’s mobility ecosystem is being reshaped by electrification, localisation and the need for scalable solutions, making such collaborations increasingly vital.
Bosch’s global commitment to e-mobility is already significant, with investments exceeding six billion euros. Robert Bosch GmbH executive vice president, manufacturing and quality, electrified motion Karsten Müller, said the venture will help bring these technologies to India while strengthening the company’s regional presence.
With India now the world’s third-largest automotive market, the timing of the partnership is notable. As the country accelerates towards cleaner mobility, this joint venture positions both companies to ride the electric wave, combining engineering muscle with market ambition.
