MENU

Published on 4/10/2022 3:16:54 PM | Source: PR Agency

Worldlines India Digital Payments Report Q2 2022

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel  https://t.me/InvestmentGuruIndiacom 

Download Telegram App before Joining the Channel

Mumbai, India: Worldline India has released the ‘India Digital Payments Report’ for Q2 2022 today. The report highlights the analysis of the transactions available in public databases as well as processed by Worldline India in the second quarter (April – June 2022) and derived some unique insights.

How India Pays? In Q2 2022, 20.57 billion transactions in volume and INR 36.08 trillion in terms of value was processed through Debit and Credit cards, Prepaid Payment Instruments like mobile wallets and prepaid cards, and UPI which includes P2M (person to merchant) and P2P (person to person) transactions.

UPI P2P accounted for 49% in volume and 67% in value but in terms of merchants transactions, UPI P2M emerged as the preferred payment mode with a market share of 34% in volume and 17% in terms of value. Payments through credit and debit cards accounted for 8% in volume and 14% in value. While UPI remains a dominant payment mode, adoption of credit cards is growing at a healthy pace it remains the preferred mode for high ticket size transactions.

Speaking on the release of the report, Ramesh Narasimhan, Chief Executive Officer – India, Worldline, said:

“2022 is another momentous year for the payments space in India. We are successfully sailing through the aftermath of Covid-19, the total cards in circulation has breached 1 billion mark, UPI is tracking over 6 billion transactions per month, about 53 million FASTags have been issued, and over 20k billers are live on Bharat BillPay ecosystem.

This demonstrate a robust payment's ecosystem which is built to serve the diverse and growing needs of Bharat. We are glad to share our India Digital Payments Report Q2 2022 which captures key trends in the payment world and showcasing a double-digit growth across almost all payment platforms. We also highlights our view on what the RBI’s Vision 2025 means for Digital Payments in India.”

Unified Payment Interface (UPI)

In Q2 2022, UPI clocked over 17.4 billion transactions in volume and INR 30.4 trillion in terms of value. Transactions volume and value have seen an increase about 118% increase in volume and over 98% increase in value in Q2 2022 as compared to Q2 2021

In Q2 2022, the top remitter banks were State Bank of India, HDFC Bank, Bank of Baroda, Union Bank and ICICI Bank. The top beneficiary banks were Paytm Payments Bank, Yes Bank, SBI, Axis Bank and ICICI Bank.

However, it should be noted that most transactions are being driven by Third-Party applications riding on the rails of these banks; in Q2 2022, the top UPI Apps in terms of volume were PhonePe, Google Pay, Paytm.

The Average Ticket Size (ATS) for UPI P2P transactions was INR 2425 and for UPI P2M transaction was INR 820 as of June 2022.

UPI was launched in April 2016 with 21 partner banks and as of now, the number has increased to 346 banks are part of the UPI ecosystem. It is now accepted in countries like UAE, Singapore, France and Bhutan.

 

To Read Complete Report & Disclaimer Click Here

 

Above views are of the author and not of the website kindly read disclaimer