Mumbai: Digital transaction is gaining rapid momentum in the country. The ‘India Digital Payments Report’ Q1 2022 published by Worldline revealed this. As per the report, around 9.36 billion transactions amounting to Rs 10.25 trillion were processed via payment modes such as debit and credit cards, prepaid payment instruments like mobile wallets and prepaid cards and UPI person to merchant (P2M) during January to May this year.
UPI P2M transactions is the most preferred payment mode among consumers. UPI P2P transactions has a market share of 64%% in volume and 50% in terms of value during this period. UPI reported over 14.55 billion transactions in volume and Rs 26.19 trillion in terms of value. UPI transactions volume and value has almost doubled since last year recording about 99% increase in volume and over 90% increase in value compared to Q1 2021. Credit cards accounted 7% of transactions but 26% of value and debit cards accounted for 10% of transactions but 18% in value.
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As per the report, the top remitter banks were State Bank of India, HDFC Bank, Bank of Baroda, Union Bank and Paytm Payments Bank. The e top beneficiary banks were Paytm Payments Bank, State Bank of India, YES Bank, Axis Bank and ICICI Bank.
The top UPI apps in terms of volume were PhonePe, Google Pay, Paytm Payments Bank App, Amazon Pay, Axis banks App. 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 PSP (Payment service provider) UPI players were YES Bank, Axis Bank, State Bank of India, HDFC Bank and Paytm Payments Bank.
The total number of credit and debit cards in circulation in the country by end of March was 991.28 million. The number of outstanding credit cards increased by 19% from 62.04 million in March 2021 to 73.6 million in March 2022. The outstanding debit cards increased by 2% from 898.20 million to 917.66 million during the same period.
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