UPI transactions worth Rs 38.3 lakh crore in Q3

91
2
UPI transactions worth Rs 38.3 lakh crore in Q3

The report showed that 23.06 billion transactions for the UPI debit and credit cards, prepaid payment instruments like mobile wallets and prepaid cards were worth Rs 38.3 lakh crore in the third quarter of this year.

The clocked over 19.65 billion transactions in volume and 32.5 lakh crore in terms of value.

Since last year, the transactions volume and value have almost doubled as it recorded a 88 per cent increase in volume and over 71 per cent increase in value in Q 3 as compared to the same quarter last year, according to Worldline India's Report for the third quarter.

The top three apps in terms of volume and value were PhonePe, Google Pay and Paytm Payments Bank AppPaytm Payments Bank App.

The top five remitters banks were State Bank of India, HDFC Bank, Bank of Baroda, Union Bank and ICICI Bank, while the top 5 beneficiary banks were Paytm Payments Bank, YES Bank, State Bank of India, Axis Bank and ICICI Bank.

UPI person-to- merchant P 2 M and person-to-person P 2 P emerged as the preferred payment method among consumers, accounting for 42 per cent of total transaction volume.

Credit and debit card payments, which accounted for 7 per cent of volume and 14 per cent of value, were followed by this.

With each passing quarter, the adoption of it can be seen. Ramesh Narasimhan, CEO, India, Worldline, said that the popular payment instruments like UPI, cards, PPIs are already clocking over 23 billion transactions in a quarter.

Q 3 data shows healthy usage of credit cards and growth in the average ticket size.

The total transaction between credit cards and debit cards comes to around 65 per cent, and the remaining 35 per cent has been shared between UPI P 2 P, UPI P 2 M and prepaid cards, according to the report.

The total number of POS terminals installed by merchant-acquiring banks had surpassed 7 million as of September 2022.

In Q 3 of 2022 POS deployment increased by more than 41 per cent to 7.03 million, compared to the same quarter of the previous year.

In the online space, e-commerce shopping for goods and services, gaming, utility, and financial services contributed to more than 86 per cent of the transaction in terms of volume and 47 per cent in terms of value.

In Q 3 of 2022, credit card volume and value were 725 million and 3.5 lakh crore.

The report said that the volume and value of debit card transactions was 907 million and 1.88 lakh crore in the third quarter of 2022.

There were 36 banks issued 58.78 million FASTags until September.