UPI, or Unified Payment Interface, transactions recorded about 99% increase in volume and over 90% increase in value in Q1 2022, compared to the corresponding quarter in 2011, finds the 'India Digital Payments Report' by Wordline. In Q1 2022, UPI clocked over 14.55 billion transactions in volume and ₹26.19 trillion in terms of value, says the report, adding the top remitter banks were State Bank of India, HDFC Bank, Bank of Baroda, Union Bank and Paytm Payments Bank while the top Beneficiary Banks were Paytm Payments Bank, State Bank of India, Yes Bank, Axis Bank and ICICI Bank.
Worldline prepared the report after analyzing transactions available in public databases as well as transactions processed by the company during January - March 2022 period. It said in Q1 2022, as many as 9.36 billion transactions amounting to ₹10.25 trillion were processed through payment modes like debit and credit cards, prepaid payment instruments like mobile wallets and prepaid cards, and UPI Person to Merchant and UPI P2M transactions emerged as the most preferred payment mode among consumers with a market share of 64% in volume and 50% in terms of value.
However, the report also says credit cards accounted 7% of transactions but 26% of value and debit cards accounted for 10% of transactions but 18% in value.
TOP UPI APPS
The report adds that as of Q1 2022, the top UPI apps in terms of volume were PhonePe, Google Pay, Paytm Payments Bank app, Amazon Pay, Axis Bank's app while top PSP UPI players were Yes Bank, Axis Bank, State Bank of India, HDFC Bank and Paytm Payments Bank. Among the top UPI apps, Phone Pe, Google Pay and Paytm accounted for 94.8% of UPI transactions volume and 93% of UPI transactions value as of March 2022. The Average Ticket Size (ATS) for UPI P2P transactions was ₹2455 and ₹860 for P2M transactions.
Diese Geschichte stammt aus der September 2022-Ausgabe von Banking Frontiers.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der September 2022-Ausgabe von Banking Frontiers.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Key Russian central bank official leaves
The First Deputy Governor of Bank of Russia Olga Skorobogatova is leaving the central bank in early December.
Better prospects for Swiss banking in 2024, says new study
The year could see revitalization of the banking to some extent, finds the study by Swiss Bankers Association:
Ease of use, personalization & consistent engagement promotes digital loyalty
Murari Lal, Head - Digital Initiatives, Shivalik Small Finance Bank, delves into platforms, loyalty and Al:
From Feet on Street to Fingers on Screen
Nippon India Mutual Fund is driving into newer customer segments by leveraging voice and vernacular as the drivers, reveals the company's Chief Digital Officer Arpanarghya Saha:
Digitization embraces the senior citizens
Among other projects, Shriram Capital completely transformed the 2-wheeler loan origination system, reveals the company's Chief Digital Officer Ajay Thomas:
Making of the most connected bank in Bangladesh
A stream of digital initiatives is transforming Mutual Trust Bank and its customer engagement, reveals Khalid Hossin, who heads the bank's digital banking division:
Digital embraces Archaeological Tourism
Chief Digital Officers are leading tremendous transformation initiatives. Five CDOs reveal their fascinating journey and their ambitious goals:
Tech will bridge Advisory and Education
Venkatesh Naidu, CEO, Bajaj Capital Insurance Broking:
AI bridges Protection and Prevention
Gyanendra Singh, Chief Technology Officer, Aviva India:
Bridging Products & Distribution for Rural Markets
Vikas Mittal, Deputy CEO, and Amit Thapliyal, Chief Technology Officer, Magma HDI General Insurance:
