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UPI is India’s preferred payment method with transactions worth 30.4 trillion in April-June, report says

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  • The top UPIA apps in volume were PhonePe, Google Pay and Pay.
  • The number of transactions via mobile wallets reached 1.52 billion in the second quarter of 2022.
  • The total number of credit and debit cards in circulation reaches one billion.
  • Maharashtra, Tamil Nadu, Karnataka, Andhra Pradesh and Kerala recorded the highest transactions at brick and mortar retail stores.

UPI is India’s most preferred online payment platform with over 17.4 billion transactions in volume and ₹30.4 trillion in terms of value in April-June 2022, according to the ‘India Digital Payments Report’ for Q2 2022 by Worldline India, a global digital payment solutions company.

In the second quarter, 20.57 billion transactions in volume and ₹36.08 trillion in value were processed through debit and credit cards, prepaid payment instruments such as mobile wallets and prepaid cards, and UPI, including P2M (person to merchant) and P2P (person to person) transactions, the report said.

Payments via credit and debit cards accounted for 8% in volume and 14% in value, the report added.

“2022 is another memorable year for the payments space in India. We are successfully sailing through the aftermath of Covid-19, the total number of cards in circulation has passed the 1 billion mark, UPI tracks more than 6 billion transactions per month, approximately 53 million FASTags have been issued and more than 20,000 invoices are live on Bharat BillPay ecosystem,” said Ramesh Narasimhan, chief executive officer-India, Worldline.

The top five states with the highest physical store transactions were Maharashtra, Tamil Nadu, Karnataka, Andhra Pradesh and Kerala. The top five cities were Hyderabad, Bengaluru, Chennai, Mumbai and Pune.

How does India pay?

The volume and value of Unified Payments Interface (UPI) transactions increased by approximately 118% and more than 98%, respectively, in the second quarter of 2022 compared to the same quarter last year. The best UPI apps by volume were PhonePe, Google Pay and Paytm.

“What could be a game-changer for UPI transactions is linking credit cards to the platform – it is currently only Rupay but could increase in the future – and this could further boost UPI transactions, especially in terms of P2M average ticket sizes,” Worldline said.

The average ticket size (ATS) for UPI P2P transactions was 2,425 and for UPI P2M transactions it was ₹820 as of June 2022, the report said.

The most transferring banks during the quarter were: SBIA, HDFC Bank, Bank of Baroda, Union Bank and ICICI Bank. The most favored banks were Paytm Payments Bank, Yes Bank, SBI, Axis Bank and ICICI Bank.

The transaction volume passing through the Bharat Bill Payment Central Unit (BBPCU) during the quarter was 238.31 million while the transaction value was ₹403.02 billion. It registered 99% and 108% growth in volume and value, respectively, compared to the second quarter of 2021.

Total number of credit and debit cards in circulation reaches 1 billion

In addition to UPI, credit card adoption is growing at a healthy pace, Worldline revealed.

The total number of credit and debit cards in circulation reached 1 billion in the second quarter of 2022, especially with the festivities just around the corner.

While the number of credit cards grew 25% from ₹62.81 million in June 2021 to 78.7 million in June 2022, debit cards grew 2% over the same period from 906 million to 921.75 million. .

As of June 2022, the largest credit card issuing banks were HDFC Bank, SBI, ICICI Bank, Axis Bank and RBL Bank, while the main debit card issuing banks were SBI, BOB, Union Bank, Punjab National Bank and Canara Bank.

The volume and value of credit cards were 688.65 million and ₹3.28 trillion, respectively.

“Although the credit card volume at POS and e-commerce are almost equal, the value of e-commerce transactions is higher compared to the value of transactions at POS. This is in line with the general trend of transactions of high-ticket items moving from the physical to the digital space,” said Worldline.

In terms of value, consumers traded 1.226.29 billion in payment terminals and ₹2.053.66 billion in e-commerce via credit cards in the second quarter.

In the second quarter of 2022, the volume and value of debit card transactions amounted to 973.12 million and ₹1.91 trillion, respectively. The transaction volume and value of prepaid cards were 412.29 million and ₹206.36 billion, respectively.

When it comes to mobile payments, the number of transactions via mobile wallets was 1.52 billion and the value was ₹574.64 billion. Transactions via wallets are growing steadily, with a 38% increase in volume and 27% in value compared to Q2 2021, Worldline data revealed.

National Electronic Toll Collection (NETC) processed approximately 829 million transactions worth 129 billion. As of March 2022, approximately 52.9 million NETC FASTags have been issued since the inception of the NETC program.

Aadhaar-enabled Payment Service transactions registered a significant volume of more than 679 million transactions, up approximately 38% in the second quarter of 2021.

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