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Digital payments in India hit Rs 38.3 lakh cr on over 23 billion transactions

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  • UPI clocked over 19.65 billion transactions in volume and Rs 32.5 lakh crore in terms of value.
  • The volume and value of UPI transactions has almost doubled since last year, as it registered an increase of about 88 percent in the third quarter.
  • The top three UPI apps in terms of volume and value were PhonePe, Google Pay, and Paytm payment bank app.


The Unified payment interface (UPI), debit and credit cards, prepaid payment instruments such as mobile wallets and prepaid cards have recorded 23.06 billion transactions amounting to Rs 38.3 lakh crore in the third quarter of this year, a new report has found. on Monday.

At the top, the UPI clocked over 19.65 billion transactions in volume and Rs 32.5 lakh crore in terms of value.

The volume and value of UPI transactions have almost doubled since last year as it recorded a volume increase of about 88 percent and a value increase of more than 71 percent in the third quarter compared to the same quarter last year, according to India world lineThird Quarter Digital Payments Report.

The top three UPI apps by volume and value were PhonePe, Google Pay, and Paytm Payments Bank App.

The top five remitter banks were National Bank of India, HDFC BankBank of Baroda, Union Bank and ICICI Bank while the top 5 beneficiary banks were Paytm Payments Bank, YES Bank, State Bank of India, Axis Bank and ICICI Bank.

UPI person-to-merchant (P2M) and person-to-person (P2P) emerged as the most preferred payment method among consumers, accounting for 42 percent of total transaction volume.

This was followed by credit and debit card payments, which accounted for 7 percent of volume and 14 percent of value.

“The rapid adoption of digital payments can be seen every quarter. Popular payment instruments such as UPI, cards, PPIs are already clocking more than 23 billion transactions in a quarter,” said Ramesh Narasimhan, CEO, India, Worldline.

Q3 data points to healthy credit card usage and growth in average ticket size.

For credit cards, it is Rs 4,833; for debit cards, it is Rs 2,073; for UPI P2M it is Rs 738; for UPI, P2P it is 2,576; for prepaid cards it is 473; and for M wallet it is Rs 382.

The total transaction between credit and debit cards comes in at about 65 percent, and the remaining 35 percent is split between UPI P2P, UPI P2M and prepaid cards, the report found.

As of September 2022, the total number of POS terminals installed by merchant-acquiring banks exceeded 7 million.

In the third quarter of 2022, POS adoption increased more than 41 percent to 7.03 million, compared to the same quarter of the previous year.

In the online space, e-commerce (shopping for goods and services), gaming, utilities and financial services contributed more than 86 percent of the transaction in terms of volume and 47 percent in terms of value.

At the end of the third quarter, there were 1.01 billion credit and debit cards in circulation. The credit card volume and value were 725 million and Rs 3.5 lakh crore respectively in Q3 2022.

In the third quarter of 2022, the volume and value of debit card transactions reached Rs 907 million and Rs 1.88 lakh crore respectively, the report said. As of September, at least 58.78 million FASTags have been issued at 36 banks.

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