India saw 9.36 billion transactions amounting to Rs 10.25 trillion in the first quarter of January-March period through various payment modes led by Unified Payment Interface UPI, a new report showed on Monday.
According to Worldline, the preferred payment mode for the UPI P 2 M person to merchant transactions was the preferred payment mode among consumers with a market share of 64 per cent in volume and 50 per cent in value.
In Q 1 of 2022, the UPI had over 14.55 billion transactions in volume and Rs 26.19 trillion in value.
Since last year, it's transactions volume and value has gone up by almost doubled and there is a 99 per cent increase in volume and over 90 per cent increase in value compared to Q 1 2021.
The top UPI apps in terms of volume were YES Bank, Axis Bank, State Bank of IndiaBank of India, HDFC Bank, Paytm Payments Bank, Paytm Payments Bank, Paytm Payments Bank and Paytm Payments Bank as well as the top PSP UPI players in the first quarter.
Phone Pe, Google Pay and Paytm accounted for 94.8 per cent of volume and 93 per cent of value as of March 2022, according to the report.
The average ticket size ATS for UPI P 2 P peer-to- peer transactions was Rs 2,455 and Rs 860 for P 2 M transactions as of March Credit cards accounted for 7 per cent of transactions but 26 per cent of value, indicating that customers prefer to use their credit cards for high value transactions.
Debit cards account for 10 per cent of transactions, but 18 per cent in value. The volume has shrunk from previous years likely because of the rise of the UPI.
The total number of POS terminals deployed by merchant acquiring banks was 6.07 million as of March, with over half a million POS terminals deployed during Q 1 of 2022.
The POS deployment saw over 28 per cent growth in Q 1 of 2022 compared to a year ago.
As of March, the total number of Bharat QRs was 4.97 million, a 39 per cent increase as compared to March 2021, while the UPI QRs stood at 172.73 million, an increase of 87 per cent as compared to March 2021.
The total amount of credit and debit cards in circulation was 991.28 million by the end of Q 1st, 2022.
In Q1 of 2022 consumers made 15.6 billion mobile payments, while net banking Internet browser-based transactions were over 1 billion, according to the report.