India saw 20.57 billion online transactions worth Rs 36.08 trillion in the second quarter (Q2) this year, a report showed on Tuesday.
The online transactions were processed through debit and credit cards, prepaid payment instruments like mobile wallets and prepaid cards and UPI which includes P2M (person to merchant) and P2P (person to person) transactions.
“UPI P2P accounted for 49 per cent in volume and 67 per cent in value but in terms of merchants’ transactions, UPI P2M emerged as the preferred payment mode with a market share of 34 per cent in volume and 17 per cent in terms of value,” said Worldline’s ‘India Digital Payments Report’.
Payments through credit and debit cards accounted for 8 per cent in volume and 14 per cent in value.
“While UPI remains a dominant payment mode, adoption of credit cards is growing at a healthy pace it remains the preferred mode for high ticket size transactions,” the report added.
In Q2 2022, UPI clocked over 17.4 billion transactions in volume and Rs 30.4 trillion in terms of value.
Transactions volume and value have seen an increase about 118 per cent increase in volume and over 98 per cent increase in value in Q2 2022 as compared to Q2 2021.
UPI now has 346 partner banks as a part of the ecosystem. It is now accepted in countries like the UAE, Singapore, France and Bhutan.
As of June 2022, the total number of POS terminals deployed by merchant acquiring banks was 6.59 million; it increased by 43 per cent growth in Q2 2022 compared to Q2 2021, according to the report.
The total number of credit and debit cards in circulation by the end of Q2 2022 was 1 billion.
In Q2 2022, credit cards volume and value stood at 688.65 million and Rs 3.28 trillion respectively.
In Q2 2022, debit card transactions volume and value stood at 973.12 million and Rs 1.91 trillion, respectively.