India recorded 9.36 billion transactions worth ₹10.2 trillion in Q1, 2022, from January to March period. All the transactions are Unified Payment Interface or UPI based on execution through various payment modes, as per the latest report generated on Monday.
UPI Transaction Figures
The most preferred ones are the UPI payments which are made to merchants, meaning person to the merchant, that has a market share of 64 per cent. In terms of merchant payments through UPI, it has captured 50 per cent alone out of total value, as per the report of Worldline. In Q1, 2022 the UPI transactions overclocked to 14.55 billion and ₹26.19 trillion in terms of value. If we compare the latest data to that of last year, then the UPI transactions and their value has almost doubled, with a 99 per cent increase in terms of volume and around 90 per cent in value.
In terms of the value of UPI transactions, the top applications were PhonePe, Google Pay, Paytm Payments Bank, Amazon Pay, and Axis Bank. whereas the elite PSP UPI apps were “YES Bank NSE -0.78 %, Axis Bank NSE -2.83 %, State Bank of India NSE -1.30 %, HDFC Bank.”
So far till March 2022, among all the UPI apps, Google Pay, Paytm, and PhonePe are responsible for 94.8 per cent of UPI transactions in terms of volume and 93 per cent in terms of value. ATS or average ticket size in terms of UPI P2P transactions is recorded at ₹2455 and P2M is recorded at ₹860.
In terms of Debit Card, they captured a 10 per cent share in terms of volume and 18 per cent in value. It is seen that the volume has decreased as compared to the previous year.
In January 658 million internet users were there and 1.2 billion mobile subscribers in India were recorded.