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The UPI P2M (individual to service provider) transactions emerged as probably the most most well-liked cost mode amongst shoppers with a market share of 64 per cent in quantity and 50 per cent by way of worth, in line with the report by Worldline, a world chief in funds business.
In Q1 2022, UPI clocked over 14.55 billion transactions in quantity and Rs 26.19 trillion by way of worth.
Its transactions quantity and worth has nearly doubled since final 12 months recording a few 99 per cent improve in quantity and over 90 per cent improve in worth in comparison with Q1 2021.
As of the primary quarter, the highest UPI apps by way of quantity had been PhonePe, Google Pay, Paytm Funds Financial institution App, Amazon Pay, Axis banks App whereas prime PSP UPI Gamers had been
, , , and Funds Financial institution.
Among the many prime UPI Apps, Cellphone Pe, Google Pay and Paytm accounted for 94.8 per cent of UPI transactions quantity and 93 per cent of UPI transactions worth as of March 2022, the report confirmed.
The common ticket dimension (ATS) for UPI P2P (peer-to-peer) transactions was Rs 2,455 and Rs 860 for P2M transactions (as of March).
Bank cards accounted for 7 per cent of transactions, however 26 per cent of worth, indicating that prospects nonetheless favor to make use of their bank cards for prime worth transactions.
Debit playing cards account for 10 per cent of transactions, however 18 per cent in worth. The amount has shrunk from earlier years probably due to the rise of UPI.
As of March, the entire variety of POS terminals deployed by service provider buying banks had been 6.07 million with over half 1,000,000 POS terminals deployed throughout Q1 2022.
The POS deployment witnessed over 28 per cent development in Q1 2022 in comparison with a 12 months earlier than.
As of March, the entire variety of Bharat QRs had been 4.97 million, a 39 per cent rise as in comparison with March 2021 whereas UPI QRs stood at 172.73 million, registering a rise of 87 per cent as in comparison with March 2021.
The whole variety of credit score and debit playing cards in circulation by the top of Q1 2022 was 991.28 million.
As of January, there have been about 658 million Web customers and about 1.2 billion cellular subscribers in India.
In Q1 2022, shoppers made 15.6 billion cellular primarily based funds whereas internet banking/Web browser-based transactions had been over 1 billion, the report confirmed.