India Logs 20.5 Bn Transactions, Rs 36.08 Tn In Digital Payments During Q2 2022

Latest report suggests that India in Q2 2022 recorded a total of 20.57 billion transactions in volume and Rs 36.08 trillion in terms of value, which were processed through Debit and Credit cards, Prepaid Payment Instruments like mobile wallets and prepaid cards and UPI.

During the period, UPI P2P (person to person) accounted for 49 per cent in volume and 67 per cent in value but in terms of merchants transactions, UPI P2M (person to merchant) emerged as the preferred payment mode with a market share of 34 per cent in volume and 17 per cent in terms of value.

Meanwhile, payments through credit and debit cards accounted for 8 per cent in volume and 14 per cent in value. 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.

In Q2 2022, UPI clocked over 17.4 billion transactions in volume and Rs 30.4 trillion in terms of value. Transactions volume and value have seen an increase about 118 per cent increase in volume and over 98 per cent 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 report noted.

The Average Ticket Size (ATS) for UPI P2P transactions was Rs 2,425 and for UPI P2M transaction was Rs 820 as of June 2022, according to the Worldline India report.