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The web transactions have been processed by means of debit and bank cards, pay as you go fee devices like cell wallets and pay as you go playing cards and UPI which incorporates P2M (particular person to service provider) and P2P (individual to individual) transactions.
“UPI P2P accounted for 49 per cent in quantity and 67 per cent in worth however by way of retailers’ transactions, UPI P2M emerged as the popular fee mode with a market share of 34 per cent in quantity and 17 per cent by way of worth,” mentioned Worldline’s ‘India Digital Funds Report’.
Funds by means of credit score and debit playing cards accounted for 8 per cent in quantity and 14 per cent in worth.
“Whereas UPI stays a dominant fee mode, adoption of bank cards is rising at a wholesome tempo it stays the popular mode for prime ticket dimension transactions,” the report added.
In Q2 2022, UPI clocked over 17.4 billion transactions in quantity and Rs 30.4 trillion by way of worth.
Transactions quantity and worth have seen a rise about 118 per cent enhance in quantity and over 98 per cent enhance in worth in Q2 2022 as in comparison with Q2 2021.
UPI now has 346 companion banks as part of the ecosystem. It’s now accepted in international locations just like the UAE, Singapore, France and Bhutan.
As of June 2022, the entire variety of POS terminals deployed by service provider buying banks was 6.59 million; it elevated by 43 per cent development in Q2 2022 in comparison with Q2 2021, based on the report.
The overall variety of credit score and debit playing cards in circulation by the tip of Q2 2022 was 1 billion.
In Q2 2022, bank cards quantity and worth stood at 688.65 million and Rs 3.28 trillion respectively.
In Q2 2022, debit card transactions quantity and worth stood at 973.12 million and Rs 1.91 trillion, respectively.
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