UPI Most Preferred Mode for Digital Payments in India in 2022; 87.92 Billion Transactions Processed: Report

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In India, cost modes like UPI, debit and bank cards, and pay as you go cost devices — Cell and Pay as you go playing cards — processed 87.92 billion transactions price Rs. 149.5 trillion throughout 2022, based on a brand new report. When it comes to UPI, Individual-to-Service provider (P2M) and Individual-to-Individual (P2P) are probably the most most well-liked cost modes amongst customers with a market share of 40 p.c and 44 p.c by way of transactions quantity (UPI was 84 p.c in complete), based on Worldline in its India Digital Funds Annual Report.

Nonetheless, by way of worth, Unified Funds Interface (UPI) P2M accounted for 18 p.c share whereas UPI P2P accounted for 66 p.c of digital transactions by worth. P2P transactions will not be essentially funds and may probably be cash transfers between individuals.

That is adopted by funds via credit score and debit playing cards which accounted for 7 p.c in quantity and 14 p.c in worth, the report mentioned. The adoption of bank cards is rising at a wholesome tempo because it has lengthy been a desire of consumers on the subject of high-ticket measurement transactions and is obvious that highlights the common ticket measurement of all cost modes.

Ramesh Narasimhan, Chief Govt Officer, Worldline India, mentioned, “I’m amazed day-after-day to see the unbelievable progress now we have made within the digital funds ecosystem over the previous few years. The adoption of a number of cost options is a boon in our journey to understand the dream of a less-cash India.”

The yr 2022 will see an ever-increasing adoption of digital funds, with UPI main the way in which, based on the report. Standard cost devices like UPI, playing cards, pay as you go cost devices (PPIs) have been already clocking over Rs. 149.5 trillion price of digital transactions in 2022. In 2023 and past, Worldline mentioned in its report that it’s going to proceed to collaborate with its retailers, companion banks, fintechs, e-commerce gamers and spend money on the know-how and infrastructure wanted to construct a extra inclusive and open monetary ecosystem.

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