India recorded 20.57 billion transactions in volume which clocked Rs 36.08 trillion in terms of value in second quarter (April – June 2022), according to the latest report.
These transactions reflected those made via Debit and Credit cards, Prepaid Payment Instruments like mobile wallets and prepaid cards, and UPI which includes P2M (person to merchant) and P2P (person to person) transactions in Q2 2022.
During this period, UPI P2P accounted for 49 per cent in volume and 67 per cent in value but in terms of merchants transactions, UPI P2M emerged as the preferred payment mode with a market share of 34 per cent in volume and 17 per cent in terms of value.
Payments through credit and debit cards accounted for 8 per cent in volume and 14 per cent in value. While UPI remains a dominant payment mode, adoption of credit cards is growing at a healthy pace it remains the preferred mode for high ticket size transactions, the Worldline report surmised.
In Q2 2022, UPI alone posted over 17.4 billion transactions in volume and Rs 30.4 trillion in terms of value. Transactions volume and value have seen an increase about 118 per cent increase in volume and over 98 per cent increase in value in Q2 2022 as compared to Q2 2021. The top remitter banks were State Bank of India, HDFC Bank, Bank of Baroda, Union Bank and ICICI Bank. The top beneficiary banks were Paytm Payments Bank, Yes Bank, SBI, Axis Bank and ICICI Bank.
“What could be a game-changer for UPI transactions will be linking credit cards on to the platform – it is currently only Rupay but could increase going forward – and this could further supercharge UPI transactions, especially in terms of P2M average ticket sizes”, the report said.
In comparison to UPI, AePS transactions recorded a substantial volume of over 679 million transactions, registering about 38 per cent growth over Q2 2021. It processed transactions worth Rs 913 billion, an increase of 28 per cent over Q2 2021, revealed the 'India Digital Payments Report’.