People prefer UPI Person-to-Merchant & Person-to-Person with market shares of 40% and 44% respectively
Led by Unified payments interface (UPI), payment modes like debit and credit cards, and prepaid payment instruments – mobile and prepaid cards processed 87.92 billion transactions worth Rs.149.5 trillion in 2022, a report showed on Monday.
The UPI Person-to-Merchant (P2M) and Person-to-Person (P2P) are the most preferred payment modes among consumers with a market share of 40 percent and 44 percent, respectively, in terms of transaction volume (UPI was 84 percent in total).
In 2022, UPI clocked over 74.05 billion transactions in volume and Rs.126 trillion in terms of value, according to the report by Worldline, a global leader in payment services.
The average ticket size (ATS) for UPI P2P transactions was Rs.2,753 and ATS for UPI P2M transactions was Rs.687 (by December 2022).
However, in terms of value, UPI P2M accounted for 18 percent share whereas UPI P2P accounted for 66 percent of digital transactions, according to the report.
Credit and debit card payments accounted for 7 percent in volume and 14 percent in value.
“The adoption of multiple payment solutions is a boon in our journey to realize the dream of a less-cash India,” said Ramesh Narasimhan, CEO, Worldline India.
For UPI, the transaction volume and value almost doubled since last year as it recorded a 91 percent increase in volume and over 76 percent increase in value in 2022 as compared to 2021.
As of December 2022, the total number of POS terminals deployed by merchant acquiring banks crossed the 7.55 million mark – a 37 percent YoY growth.
The report showed that the total number of credit and debit cards in circulation by the end of 2022 was 1.02 billion. In 2022, credit cards volume and value stood at 2.76 billion and Rs.13.12 trillion respectively. The debit card transactions volume and value stood at 3.64 billion and Rs.7.4 trillion, respectively.
By December 2022, the number of prepaid payment instruments was 16.23 billion. Out of which, 13.34 billion were wallets and 288.8 million were cards, said the report.
[With Inputs from IANS]
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