June 28, 2022
The transactions were led by the Unified Payment Interface (UPI)
Credit Cards accounted for 7% of transactions, while Debit Cards accounted for 10%
Over half a million of the 6.07 million Point of Sale (PoS) terminals deployed by merchant acquiring banks, were set during the January-March period
Consumers made 15.6 billion mobile-based payments and over 1 billion net banking or Internet browser-based transactions
India witnessed 9.36 billion transactions totalling INR 10.25 trillion across various payment methods during the first quarter of 2022, according to a report.
The transactions were led by UPI in Q1 2022 with over 14.55 billion transactions in volume and INR 26.19 trillion in terms of value.
According to the report, the UPI Person to Merchant (P2M) transactions were the most preferred payment mode among consumers, with a market share of 64% in terms of volume and 50% in value. The Average Ticket Size (ATS) for UPI Peer-to-Peer (P2P) transactions in January to March quarter was INR 2,455, and for P2M transactions it was INR 860.
The report claims that in Q1 2022, UPI clocked over 14.55 billion transactions in volume and INR 26.19 trillion in terms of value, recording a 99% increase in volume and over a 90% increase in value as compared to Q1 2021.
The total number of Bharat Quick Responses (QRs) was 4.97 million, a 39% rise compared to Q1 2021 while UPI QRs stood at 172.73 million, registering an 87% increase from the same period last year.
Among the top UPI Apps, Phone Pe, Google Pay and Paytm accounted for 94.8% of UPI transactions volume and 93% of UPI transactions value as of March 2022, according to the report.
Credit cards accounted for 7% of transactions but 26% of the value, implying that customers still prefer to use credit cards for high-value transactions.
Debit cards, on the other hand, accounted for 10% of transactions and 18% in value. The total number of credit and debit cards in circulation during Q1 2022 was 991.28 million.
PoS & Mobile Payments
Over half a million of the 6.07 million Point of Sale (PoS) terminals deployed by merchant acquiring banks, were set during Q1 2022. POS deployment increased by over 28% as compared to the same period last year.
According to the report, consumers made 15.6 billion mobile-based payments and over 1 billion net banking or Internet browser-based transactions.