In the first three months (January-March) of 2022 in the country, more than 14.55 billion transactions worth Rs 26.19 lakh crore were done through UPI. This figure of transactions in volume terms is around 99 percent from the same period of 2021 and over 90 percent in value terms.
According to a Worldline report released on Monday, a total of 9.36 billion transactions worth Rs 10.25 lakh crore took place in the first quarter of this year through various payment channels such as debit-credit cards, mobile wallets, prepaid cards, and UPI P2M (Person to Merchant). In this UPI P2M (Person to Merchant) transactions have emerged as the most preferred payment medium amongst the consumers. It has a market share of 64 percent in terms of volume and 50 percent in terms of value.
Highest payment from these banks
SBI, HDFC Bank, Bank of Baroda, Union Bank, and Paytm Payments Bank.
These banks pay the most
Paytm Payments Bank, SBI, Yes Bank, Axis Bank, and ICICI Bank.
credit card count increased
The number of credit and debit cards increased to 99.12 crores in January-March. During this period, the number of credit cards increased by 19% to 7.36 crores. The number of debit cards increased by just two percent to 91.76 crores from 89.8 crores. 2.3 crore debit cards were discontinued during this period.
Make the most of these apps
PhonePe, Google Pay, Paytm Payments Bank, Amazon Pay, and Axis Bank's apps were the most used in terms of volume for transactions through UPI.
PhonePe, Google Pay, and Paytm accounted for 94.8 percent in terms of volume, while all three apps accounted for 93% in terms of value.
Other important information in the report
Credit cards saw 2.02 billion transactions worth Rs 8.77 lakh crore in three months.
94.27 crore transactions worth Rs 1.81 lakh crore were done through debit cards.
840.23 billion was paid through Aadhaar based payment service, which is up 33% year-on-year.
A total of 60.7 lakh PoS machines were operational as of March 2022.
The country's e-commerce market is worth $46.2 billion, which will grow to $188 billion in 2025.
HDFC Bank, SBI, ICICI Bank, Axis Bank, and RBL Bank issued the maximum number of credit cards.
SBI, Bank of Baroda, Canara Bank, and PNB issued a maximum number of debit cards.
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