BENGALURU: Payment modes such as Unified Payments Interface (UPI), debit and credit cards, prepaid payment instruments -mobile wallets and prepaid cards processed 23.06 billion transactions worth Rs 38.32 lakh crore in the third quarter of the calendar year 2022 (July-Sept), according to a report by Worldline India.
The ‘India Digital Payments Report’ for Q32022 reveals UPI person-to-merchant (P2M) and person-to-person (P2P) emerged as the most preferred payment mode among consumers with a market share of nearly 42% each in terms of transactions volume (UPI was 85% in total).
In terms of value, UPI P2M accounted for 19% share whereas UPI P2P accounted for 65% of digital transactions by value (UPI was 84% in total), the report states. In the third quarter of this year, UPI clocked over 19.65 billion transactions in volume and Rs 32.5 lakh crore in terms of value. PhonePe, Google Pay and Paytm Payments Bank App were the top 3 UPI apps in terms of both volume and value.
The number of credit and debit cards went above 1 billion. As per the report, the total number of credit and debit cards in circulation by the end of September was 1.01 billion. The number of outstanding credit cards climbed by 19% from 65 million in September 2021 to 77.7 million in September 2022.
Outstanding debit cards rose by 2% from 920.3 million to 938.53 million during the same time. Despite the general trend of transactions moving from physical to digital space, credit card volume at POS and eCommerce remains nearly equal in Q3, 2022.
As far as mobile wallets are concerned, in Q3, 2022, the number of transactions stood at 1.44 billion and its value was Rs 55,180 crore. The report says transactions via wallets are growing steadily and it recorded a 19% rise in volume while its value of transactions fell by 9 % as compared with Q3 2021.
Ramesh Narasimhan, CEO – of India, Worldline said, “Digital payments are gradually becoming like a commodity and forming a subtle yet integral part of our lives. While customers appreciate a simple interface and advanced security systems, sellers or merchants go beyond hygiene features and integrate more inclusive payment solutions.”