3,600 QR Codes for Every ATM
India built 200K ATMs over decades. Then in just 3 years, it deployed 750M UPI QR codes. ATMs are now declining while digital acceptance points multiply at a pace no country has matched.
209K
ATMs (peaked 220K)
11.7M
PoS Terminals
754M
UPI QR Codes
ATMs peaked in 2023-11 and are declining
After growing from 76K to 220K, ATMs have been shrinking - down to 209K. Banks are closing unprofitable ATMs as UPI makes cash withdrawal less necessary.
UPI QR: 98M to 754M - with a counting shake-up
UPI QR codes grew from 98M (May 2021) to ~330M by Jul 2024, then jumped to 591M in Aug 2024 - an overnight 80% increase that reflects a change in how QR codes are counted. At 754M, a QR code exists for every Indian adult.
PoS terminals grew 20x but are now plateauing
PoS terminals grew from 586K to 11.7M - a 20x increase. But growth has slowed as merchants find QR codes cheaper and easier to deploy.
Bharat QR stalled - UPI QR ate its lunch
Bharat QR peaked around 6M and is now declining to 5.9M. UPI QR, which is simpler and doesn't need a merchant bank account relationship, made Bharat QR irrelevant.