India saw 9.36 billion transactions amounting to Rs 10.25 trillion in the first quarter (January-March period) led by Unified Payments Interface (UPI) through various payment modes, a new report showed on Monday. According to a report by Worldline, a global leader in the payments industry, UPI P2M (Person to Merchant) transactions has emerged as the most preferred payment mode among consumers, with a market share of 64 percent and 50 percent in terms of value. ,
In Q1 2022, UPI handled over 14.55 billion transactions in volume and 26.19 trillion rupees in value terms. Its transaction volume and value have almost doubled over the last year, registering a nearly 99 percent increase in volume and over 90 percent growth in value compared to Q1 2021. By the first quarter, the top UPI apps in terms of volume were PhonePe, google payPaytm Payments Bank App, Amazon Pay, Axis Bank App While Top PSPs is i The players were Yes Bank, Axis Bank, state Bank of IndiaHDFC Bank and Paytm Payment Bank.
Among the top UPI apps, Phone Pe, Google The report showed that Pay and Paytm accounted for 94.8 per cent of the UPI transaction volume and 93 per cent of the UPI transaction value as of March 2022. The average ticket size (ATS) for UPI P2P (peer-to-peer) transactions was Rs 2,455 and for P2M transactions (till March) was Rs 860.
Credit cards account for 7 percent of transactions but 26 percent of the value, indicating that customers still prefer to use their credit cards for higher value transactions. Debit cards contribute 10 per cent of transactions but 18 per cent in value. The volumes have come down from the previous years due to the rise of UPI.
As of March, the total number of POS terminals deployed by merchant acquiring banks stood at 6.07 million, with over half a million POS terminals deployed during Q1 2022. POS deployments saw an increase of over 28 percent in Q1 2022 as compared to a year ago.
As of March, the total number of Bharat QRs stood at 4.97 million, an increase of 39 percent over March 2021, while the UPI QRs stood at 172.73 million, registering a growth of 87 percent over March 2021. The total number of credit and debit cards in circulation as of the end of Q1 2022 was 991.28 million.
As of January, India had about 658 million internet users and about 1.2 billion mobile subscribers. In Q1 2022, consumers made 15.6 billion mobile-based payments, while net banking/internet browser-based transactions accounted for over 1 billion, the report showed.
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