UPI Most Preferred Mode for Payments in India in 2022; 87.92 Billion Digital Transactions Processed: Report
Brought to you by Trickyenough
Person-to-Person (P2P) UPI payments accounted for 66 per cent of digital transactions by value.
In India, payment modes like UPI, debit and credit cards, and prepaid payment instruments — Mobile and Prepaid cards —processed 87.92 billion transactions worth Rs. 149.5 trillion during 2022, according to a new report.
Brought to you by Trickyenough
However, in terms of value, Unified Payments Interface (UPI) P2M accounted for 18 percent share whereas UPI P2P accounted for 66 percent of digital transactions by value.
Brought to you by Trickyenough
P2P transactions are not necessarily payments and can also be potentially money transfers among people.
Brought to you by Trickyenough
This is followed by payment through credit and debit cards which accounted for 7 percent in volume and 14 percent in value, the report said.
Brought to you by Trickyenough
The adoption of credit cards is growing at a healthy pace as it has long been a preference of customers when it comes to high-ticket size transactions and is evident that highlights the average ticket size of all payment modes.
Brought to you by Trickyenough
Ramesh Narasimhan, Chief Executive Officer, Worldline India, said, "I am amazed every day to see the incredible progress we have made in the digital payments ecosystem over the past few years. The adoption of multiple payment solutions is a boon in our journey to realise the dream of a less-cash India."