Online transactions were processed through prepaid payment instruments such as debit and credit cards, mobile wallets and prepaid cards and is i Including P2M (Person to Merchant) and P2P (Person to Person) transactions.
“UPI P2P accounted for 49 per cent in volume and 67 per cent in value, but in terms of merchant transactions, UPI P2M emerged as the preferred payment mode, with a market share of 34 per cent in volume and 17 per cent in value. percentage, Worldline said.Bharat Digital Payment Report,
Payment through credit and debit cards was 8 per cent in volume and 14 per cent in value.
“UPI continues to be a dominant payment mode, with credit card adoption growing at a healthy pace, making it the preferred mode for high ticket size transactions,” the report said.
In Q2 2022, UPI transacted over Rs 17.4 billion in volume and Rs 30.4 trillion in value terms.
Transaction volume and value have seen an increase of around 118 per cent in volume and more than 98 per cent in value in Q2 2022 as compared to Q2 2021.
UPI now has 346 partner banks as a part of the ecosystem. It is now accepted in countries like the United Arab Emirates, Singapore, France and Bhutan.
As of June 2022, the total number of POS terminals deployed by merchant acquiring banks was 6.59 million; According to the report, it grew by 43 percent in Q2 2022 as compared to Q2 2021.
The total number of credit and debit cards in circulation stood at 1 billion by the end of the second quarter of 2022.
In Q2 2022, the volume and value of credit cards stood at Rs 688.65 million and Rs 3.28 trillion, respectively.
In Q2 2022, the volume and value of debit card transactions stood at Rs 973.12 million and Rs 1.91 trillion, respectively.