At the top, UPI clocked over 19.65 billion transactions in volume and Rs 32.5 lakh crore in terms of value. It was also the most preferred mode of payment in the quarter, as per 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,” said Ramesh Narasimhan, CEO, India, Worldline.
UPI includes payments from Person-to-Merchant (P2M) and Person-to-Person (P2P) and grabbed a market share of around 42% each in terms of transaction volume (UPI was 85% in total). “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 report noted.
Furthermore, the UPI transactions volume and value almost doubled on a years-over-year (YoY) last year as it recorded about an 88% increase in volume and over 71% increase in value in Q3. The second preferred mode of payment was credit and debit cards which accounted for 7% in volume and 14% in value.
Top three UPI apps in India in Q3 2022
As per the report, the top three UPI apps in terms of volume and value were PhonePe, Google Pay and Paytm Payments Bank App.
Meanwhile, the top five remitter Banks 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.
When it comes to categories which drove digital transactions, e-commerce, gaming, utility and financial services contributed to over 86% of the transaction in terms of volume and 47% in terms of value, the report noted.