India witnessed 20.57 billion online transactions worth Rs 36.08 trillion in the second quarter of this year. This information has been given in a report released on Tuesday. Online transactions done through debit and credit cards, mobile wallets and prepaid cards and prepaid payment instruments like UPI, including P2M (Person to Merchant) and P2P (Person to Person) transactions.
Worldline’s ‘India Digital Payments Report’ said, “UPI P2P accounted for 49 per cent in volume and 67 per cent in value, but in terms of merchant transactions, UPI P2M emerged as the preferred payment mode, with The market share was 34 per cent and 17 per cent in terms of value.”
Payment through credit and debit cards accounted for 8 per cent in volume and 14 per cent in value.
“UPI continues to be a major payment mode, with credit card usage increasing as well. It continues to be the preferred method for large transactions,” the report said.
In the second quarter of 2022, UPI handled over 17.4 billion transactions and 30.4 trillion rupees in value terms.
The transaction volume saw an increase of around 118 percent in Q2 of 2022 and over 98 percent increase in value as compared to Q2 of 2021.
UPI now has 346 participating banks in the ecosystem. It is now accepted in countries such as the United Arab Emirates, Singapore, France and Bhutan.
As of June 2022, the total number of POS terminals deployed by banks was 6.59 million. According to the report, it grew by 43 percent in the second quarter of 2022 as compared to the second quarter of 2021.
The total number of credit and debit cards in circulation stood at 1 billion by the end of the second quarter of 2022. In the second quarter of 2022, the volume and value of credit cards stood at Rs 688.65 million and Rs 3.28 trillion, respectively.
In the second quarter of 2022, the volume and value of debit card transactions stood at Rs 973.12 million and Rs 1.91 trillion, respectively.