Staggering Rise In India’s Digital Payments; Check Figures
New Delhi: Digital payments in India have registered a staggering increase.
Unified Payments Interface (UPI), debit and credit cards, prepaid payment instruments like mobile wallets, and prepaid cards logged a total of 23.06 billion transactions, amounting to Rs 38.3 lakh crore, in Q3, as per a report of National Payments Corporation of India (NCPI).
It represents a staggering 88% increase in volume and 71% increase in value compared to the same quarter last year.
The most popular mode of transaction was through UPI, which accounted for 19.65 billion transactions in volume and Rs 32.5 lakh crore in terms of value.
The top three UPI apps in terms of volume and value were PhonePe, Google Pay and Paytm Payments Bank App.
As for remitter banks, the top five were State Bank of India, HDFC Bank, Bank of Baroda, Union Bank, and ICICI Bank. The top five beneficiary banks were Paytm Payments Bank, YES Bank, State Bank of India, Axis Bank and ICICI Bank.
UPI person-to-merchant (P2M) and person-to-person (P2P) payments accounted for 42% of total transactions, followed by credit and debit card payments, which accounted for 7% of volume and 14% of value.
Data also showed decent usage of credit cards and growth in average ticket size. For credit cards, average ticket size was Rs 4,833 and for debit cards, it was Rs 2,073.
For UPI P2M, the average was Rs 738; for UPI P2P Rs 2,576; for prepaid cards Rs 473; for mobile wallets, it was Rs 382.