BENGALURU: With an increase in the number of internet users, mobile-based payments are seeing a rise. A total of Rs 44.68 lakh crore was transacted through mobile and Rs 163.53 lakh crore was transacted through the internet in the first quarter of this year.
Also, consumers made 1,560 crore (15.6 billion) mobile-based payments. Net banking and internet browser-based transactions hit over 100 crore, as there are nearly 65.8 crore internet users and about 120 crore mobile subscribers in India, according to payments processor Worldline’s report on India Digital Payments. The report finds out that mobile payments are being used for small-ticket transactions and internet browsers are the preferred mode for traditional shopping from e-commerce platforms.
About 936 crore transactions amounting to Rs 10.25 lakh crore were processed via payment modes like debit and credit cards, prepaid payment instruments like mobile wallets and prepaid cards, and UPI P2M (person to merchant) in Q1 2022, says the report. With a market share of 64% in volume and 50% in terms of value, UPI P2M (person to merchant) transactions have emerged as the most preferred payment mode among consumers.
With the rise of UPI, the volume of debit card transactions has fallen and now only 10% of transactions are based on debit cards. Credit cards accounted for 7% of transactions but 26% of value indicating that customers still prefer to use credit cards for high-value transactions.As per the report, UPI clocked over 1,455 crore transactions in volume and Rs 26.19 lakh crore in terms of value in the first quarter of this year. Interestingly, UPI transactions volume and value have doubled compared to Q1 2021.
Consumers preferred UPI
UPI P2M (person to merchant) transactions have emerged as the most preferred payment mode among consumers