In the second quarter (Q2) of this year, India saw 20.57 billion online transactions worth 36.08 trillion rupees, a report said on Tuesday.
Online transactions were processed through debit and credit cards, prepaid payment instruments such as mobile wallets and prepaid cards, and UPI, which includes P2M (person-to-merchant) and P2P (person-to-person) transactions.
“UPI P2P accounted for 49 percent by volume and 67 percent by value, but in terms of merchant transactions, UPI P2M has emerged as the preferred payment method with a market share of 34 percent by volume and 17 percent by value. ,” says Worldline’s India Digital Payments Report.
Credit and debit card payments accounted for 8 percent in volume and 14 percent in volume.
“While UPI remains the dominant mode of payment, credit card acceptance is growing at a healthy pace, it remains the preferred mode for big-ticket transactions,” the report added.
In the second quarter of 2022, UPI recorded more than 17.4 billion transactions in volume and 30.4 trillion rupees in value.
In the second quarter of 2022, the volume and value of transactions increased by approximately 118 percent in volume and more than 98 percent in value compared to the second quarter of 2021.
UPI now has 346 partner banks that are part of the ecosystem. It is now accepted in countries like UAE, Singapore, France and Bhutan.
As of June 2022, the total number of POS terminals installed by acquiring banks was 6.59 million; According to the report, it increased by 43 percent in the second quarter of 2022 compared to the second quarter of 2021.
The total number of credit and debit cards in circulation by the end of the 2nd quarter of 2022 was 1 billion.
In the second quarter of 2022, the volume and value of credit cards were 688.65 million and 3.28 trillion rupees, respectively.
In the second quarter of 2022, the volume and value of debit card transactions were 973.12 million and 1.91 trillion rupees,
respectively.
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