India saw 9.36 bn transactions worth Rs 10.2 trn in Q1 2022, UPI leads
According to a survey by Worldline, a leader in the payments business, India saw 9.36 billion transactions totalling Rs. 10.25 trillion (US$ 130.91 billion) between January-March 2022 via various payment modes, headed by Unified Payment Interface (UPI). With a market share of 64% in volume and 50% in value, UPI P2M (person to merchant) transactions have emerged as the preferred payment method among customers.
UPI recorded over 14.55 billion transactions for a total of Rs. 26.19 trillion (US$ 334.5 billion) in the first quarter of 2022. Its transaction volume and value have nearly doubled since last year, with a volume growth of 99% and a value increase of over 90% when compared to the first quarter of 2021.
As of March 2022, the top three UPI apps - Phone Pe, Google Pay, and Paytm - were responsible for 94.8% of UPI transaction volume and 93% of UPI transaction value.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.