UPI transactions grow phenomenally, more people adopting online

A report titled 'India Digital Payments Report' prepared by Worldline India, which provides secured transaction payment services for banks, highlights that UPI has become a trendsetter in the payments domain:

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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.