India logged 23.06 billion transactions amounting Rs 38.3 trillion in the third quarter this year, said Worldline India’s Digital Payments Report.
The Unified Payments Interface (UPI) clocked over 19.65 billion transactions in volume and Rs 32.5 lakh crore in terms of value. The volume and value of UPI transactions almost doubled since last year, with an increase of 88% in volume and over 71% in value in Q3 as compared to the same quarter last year. UPI person-to-merchant (P2M) and person-to-person (P2P) became the most chosen payment method among consumers, accounting for 42 per cent of total transaction volume.
The UPI was followed by credit and debit card payments, which accounted for 7% of volume and 14% of value. The Q3 data shows healthy use of credit cards and growth in the average ticket size, i.e., Rs 4,833 for credit cards, Rs 2,073 for debit cards, Rs 738 for UPI P2M, 2,576 for UPI P2P, Rs. 473 for prepaid cards, and Rs 382 for M-wallet.
As of September 2022, the overall number of POS terminals installed by merchant-acquiring banks had surpassed 7 million, said the report for the third quarter.