October 6, 2022
Online transactions were processed through debit & credit cards, mobile wallets, and also via Unified Payments Interface (UPI)
UPI Person to Merchant (P2M) emerged as the most preferred payment mode with a market share of 34% in volume and 17% in value
Credit & Debit card transactions accounted for 8% in volume and 14% in value
One billion Credit & Debit cards have been circulated by the end of the second quarter, of this year
India saw 20.57 billion online transactions valued at INR 36.08 trillion in the second quarter of FY23, according to a report by payment and transactional services company Wordline.
According to the report, online transactions were processed through debit & credit cards, mobile wallets, and also via UPI including Person to Merchant (P2M) and Person to Person (P2P) transactions.
Unified Payments Interface
UPI P2M emerged as the most preferred payment mode with a market share of 34% in volume and 17% in value. Also, UPI P2P in terms of merchants’ transactions accounted for 49% in volume and 67% in value.
As per media reports, UPI transactions during the second quarter of this year reached 17.4 billion and INR 30.4 trillion in terms of value. Compared to the same quarter last year, transactions volume and value have increased by about 118% and over 98%, respectively. UPI has currently partnered with 346 banks and the payment mode is now accepted in UAE, Singapore, France, and Bhutan.
According to the Worldline report, the total number of Point of Sale (POS) terminals deployed by merchant-acquiring banks by the end of June FY23 increased by 43% compared June FY22, at 6.59 million.
Credit Cards and Debit Cards
On the other hand, credit & debit card transactions accounted for 8% in volume and 14% in value. One billion credit & debit cards have been circulated by the end of the second quarter, of this year. During the period, the volume of credit & debit cards stood at 688.65 million and 973.12 million respectively, while their total value stood at INR 3.28 trillion and 1.91 trillion, respectively.
Source: Business Standard