Digital Economy: 84% share of UPI in digital transactions of 38.3 lakh crores, 358 banks are providing facilities

Due to the government's efforts to promote the digital economy, there has been a spurt in online transactions. During the third quarter of the calendar year 2022 i.e. July-September, there were 23.06 billion digital transactions worth Rs 38.32 lakh crore in the country. In this, UPI transactions were the highest at 84 percent. Digital transactions also include prepaid payment instruments such as UPI, debit-credit cards, mobile wallets, and prepaid card transactions.

According to a Worldline report, there were over 19.65 billion UPI-based transactions worth Rs 32.5 lakh crore in the third quarter. Compared to July-September of 2021, this time UPI transactions increased by 88 percent in terms of number and 71 percent in terms of value. In total digital transactions, through UPI Person-2-Merchant (P2M) and Person-2-Person (P2P) consumers did the maximum 42 percent of transactions.

UPI: 358 banks are providing facility

Till September, the number of banks providing UPI transaction facilities stood at 358. The top five banks that received the highest payouts are SBI, HDFC Bank, Bank of Baroda, Union Bank, and ICICI Bank.

The five banks that received the highest payouts include Paytm Payments Bank, Yes Bank, SBI, Axis Bank, and ICICI Bank.

The top three apps used by consumers for UPI transactions are PhonePe, Google Pay, and the Paytm Payments Bank app.

Credit and debit cards 1.01 billion in circulation

There are 1.01 billion credit-debit cards in circulation for the July-September period. During this period, the number of credit cards increased by 19 percent on an annual basis to reach 7.77 crores. The number of debit cards increased by 2 percent from 92.03 crores to 93.85 crores.

Credit-debit cards accounted for 7 percent by volume and 14 percent by value in total transactions.

There were 7.25 crore credit card transactions worth Rs 3.5 lakh crore during the July-September quarter.

Debit card transactions worth Rs 1.88 lakh crore took place in 90.7 crore transactions.

Fastag: 5.88 crores issued till September

Till September 2022, 5.88 crore NETC FASTags have been issued from 36 banks.

mobile wallet

There were 1.44 billion transactions worth $551.8 billion in the third quarter. In terms of numbers, it has increased by 19 percent year-on-year, while it has decreased by 9 percent in terms of value.

aadhaar-based payment service

Through this, 65.1 crore transactions worth Rs 840.5 billion were done. In terms of number and value, the growth was 13-13 percent.

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