These digital transactions include payments made through Unified Payments Interface (UPI), debit and credit cards, prepaid payment instruments such as mobile wallets and prepaid cards.
UPI related transactions are over 19.65 billion in volume and over Rs 32.5 lakh crore in value terms.
The volume and value of UPI transactions have almost doubled from last year as Q3 registered a growth of almost 88 per cent in volume and over 71 per cent in value as compared to the same quarter last year.digital payment report‘ for the third quarter. The top three UPI apps in terms of volume and value were PhonePe, Google Pay and Paytm Payments Bank Application.
Top five remitter banks were state Bank of India, HDFC bank, Bank of Baroda, Union BankAnd ICICI BankWhile the top 5 gainers were banks Paytm payment bank, yes bankstate Bank of India, axis Bankand ICICI Bank.
UPI has emerged as the most chosen payment method among person-to-merchant (P2M) and person-to-person (P2P) consumers, accounting for 42 per cent of total payments. transactions amount.
This is followed by credit and debit card payments, which account for 7 per cent of the volume and 14 per cent of the value.
Ramesh Narasimhan, CEO, India, Worldline said, “The rapid adoption of digital payments can be seen with each quarter. Popular payment instruments like UPI, cards, PPIs are already handling over 23 billion transactions in a quarter. Huh.”
Q3 data indicates healthy usage of credit cards and increase in average ticket size.
For credit cards it is Rs 4,833; For debit cards it is Rs 2,073; It is Rs 738 for UPI P2M; For UPI, P2P it is 2,576; For prepaid cards, it is 473; And for m-wallet it is Rs.382.
The report showed that the total transactions between credit cards and debit cards are around 65 per cent and the remaining 35 per cent is shared between UPI P2P, UPI P2M and prepaid cards.
By September 2022, the total number of POS terminals installed by merchant-acquiring banks is expected to exceed 7 million.
In the third quarter of 2022, POS deployment is expected to increase by over 41 percent to 7.03 million compared to the same quarter last year.
In the online space, e-commerce (purchase of goods and services), gaming, utility and financial services contributed over 86 per cent in volume terms and 47 per cent in value terms.
As of the end of the third quarter, there were 1.01 billion credit and debit cards in circulation.
Credit card volume and value in Q3 2022 stood at Rs 725 million and Rs 3.5 lakh crore, respectively.
The report states that in the third quarter of 2022, the volume and value of debit card transactions stood at Rs 907 million and Rs 1.88 lakh crore, respectively.
At least 58.78 million FASTags have been issued till September with 36 banks.
(With inputs from IANS)