According to a report by Worldline, India has made 9.36 billion transactions amounting to Rs 10.25 trillion in the first quarter of 2022.
As per the report, the transactions were carried out through various modes, with unified payments interface (UPI) as the most preferred mode of payment. UPI registered over 14.55 billion transactions in volume and Rs 26.19 trillion in terms of value in Q1 2022. Its transaction volume and value have nearly doubled since 2021, posting an increase of approximately 99 per cent in volume and over 90 per cent in value.
UPI person-to-merchant (P2M) transactions accounted for 65 per cent in volume and 50 per cent in terms of value. The average ticket size (ATS) for UPI peer-to-peer (P2P) transactions was Rs 2,445, while for P2M transactions it stood at Rs 860.
The report further revealed that the top UPI apps in terms of value, as of Q1 2022, were PhonePe, Google Pay, Paytm Payments Bank App, Amazon Pay, and Axis Bank App. Of these, PhonePe, Google Pay and Paytm accounted for 94.8 per cent of UPI transactions volume and 93 per cent of UPI transactions value as of March 2022. Meanwhile, top payment service provider (PSP) UPI players were YES Bank, Axis Bank, State Bank of India, HDFC Bank and Paytm Payments Bank.
Other payment modes included credit and debit cards, and prepaid payment instruments (PPIs) such as mobile wallets and prepaid cards. Credit cards accounted for 7 per cent of transactions, but 26 per cent of value. Whereas, debit cards accounted for 10 per cent of transactions and 18 per cent in value. The total number of credit and debit cards in circulation by the end of March 2022 was 991.28 million.
As of March 2022, the total number of point-of-sale (POS) terminals deployed by merchant acquiring banks stood at 6.07 million, with nearly half a million POS terminals deployed during Q1 2022. The POS deployment recorded over 28 per cent growth in the quarter compared to last year.
Further, the report noted that consumers made 15.6 billion mobile-based payments whereas net banking/Internet browser-based transactions were over 1 billion.
