India records 9.36 billion transactions totaling Rs. 10.2 trillion through UPI in Q1

27 Jun 2022 , 03:06 PM

According to a recent survey released on Monday (27-06-2022), Unified Payment Interface (UPI) was the preferred payment method in India for 9.36 billion transactions totaling Rs 10.25 trillion in the first quarter (January-March timeframe).

According to a survey by Worldline, a pioneer in the global payments sector, UPI P2M (person to merchant) transactions have become the most popular payment method among consumers, with a market share of 64% in volume and 50% in value.

UPI recorded over 14.55 billion transactions for a total of Rs. 26.19 trillion in Q1 2022. Its transaction volume and value have nearly quadrupled since last year, with volume growth of 99% and a value increase of over 90% when compared to Q1 2021.

As of March 2022, the top three UPI apps–Phone Pe, Google Pay, and Paytm–were responsible for 94.8% of UPI transaction volume and 93% of UPI transaction value.

For UPI P2P (peer-to-peer) transactions, the average ticket size (ATS) was Rs 2,455 and for P2M transactions, it was Rs 860. (as of March). The fact that credit cards accounted for 7% of transactions but 26% of the value shows that consumers still like using them for large purchases.

10% of transactions, but 18% of transactions with a value, are made with debit cards. Due to the growth of UPI, the volume has decreased from prior years. Over half a million POS terminals were deployed during Q1 2022, bringing the total number of POS terminals used by merchant acquiring banks to 6.07 million as of March.

In Q1 2022, compared to the previous quarter, the POS deployment increased by over 28%.

The entire number of UPI QRs remained at 172.73 million as of March, an increase of 87 percent over March 2021, while the total number of Bharat QRs was 4.97 million as of the same month, a growth of 39% from March 2021.

By the conclusion of the first quarter of 2022, 991.28 million credit and debit cards were in use worldwide. In India, there were over 1.2 billion mobile customers as of January and 658 million Internet users. According to the survey, customers made 1 billion and a half mobile payments in the first quarter of 2022 compared to 15.6 billion net banking and Internet browser-based transactions.