At the highest, UPI clocked over 19.65 billion transactions in quantity and Rs 32.5 lakh crore with regards to worth. It used to be additionally probably the most most well-liked mode of cost within the quarter, as consistent with Worldline India’s ‘Digital Payments Report’.
“The swift adoption of digital payments can be witnessed with each passing quarter. Popular payment instruments like UPI, cards, PPIs are already clocking over 23 billion transactions in a quarter,” stated Ramesh Narasimhan, CEO, India, Worldline.
UPI contains bills from Person-to-Merchant (P2M) and Person-to-Person (P2P) and grabbed a marketplace proportion of round 42% each and every with regards to transaction quantity (UPI used to be 85% in general). “However, in terms of value, UPI P2M accounted for 19% share whereas UPI P2P accounted for 65% of digital transactions by value (UPI was 84% in total),” the document famous.
Furthermore, the UPI transactions quantity and worth virtually doubled on a years-over-year (YoY) remaining yr because it recorded about an 88% building up in quantity and over 71% building up in worth in Q3. The 2nd most well-liked mode of cost used to be credit score and debit playing cards which accounted for 7% in quantity and 14% in worth.
Top 3 UPI apps in India in Q3 2022
As consistent with the document, the highest 3 UPI apps with regards to quantity and worth had been PhonePe, Google Pay and Paytm Payments Bank App.
Meanwhile, the highest 5 remitter banks had been: State Bank of India, HDFC Bank, Bank of Baroda, Union Bank, and ICICI Bank. The most sensible 5 beneficiary banks had been Paytm Payments Bank, sure financial institutionState Bank of India, Axis Bank, and ICICI Bank.
When it involves classes which pressure virtual transactions, e-commerce, gaming, application and fiscal products and services contributed to over 86% of the transaction with regards to quantity and 47% with regards to worth, the document famous.