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ICICI Securities Report
If ‘Payments' are a passable indicator to draw inferences regarding customer spending and behavioural pattern, we reckon:
Retail activity levels are almost back to approximately 90% of pre-Covid-19 levels after contracting to 55-65% in April.
Including non-retail, activity levels have retraced to more than 80% after having halved in April. (Disclaimer: July would include previous months' pending payments/transactions as well).
Encouragingly, pace of digital adoption across channels/touchpoints has accelerated -- digital mode constitutes more than 87% of retail payments including NEFT (national electronic funds transfer) (less than 80% in FY20) and more than 65% excluding NEFT (from less than 50% in FY20).
Contactless payments (UPI) witness remarkable momentum accounting for 24% of overall payments (UPI transaction value has almost doubled YoY and is up more than 35% from pre-Covid level to Rs 2.9 trillion).
Value transacted on mobile banking platform up more than 20%.
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