payments

Representative image

Transactions through United Payments Interface recorded an 88 percent increase in volume at 19.65 billion and over 71 percent increase in value at Rs 32.5 trillion in Q3 of 2022 as compared to Q3 of 2021.

UPI Person-to-Merchant (P2M) and Person-to-Person (P2P) emerged as the most chosen payment method among consumers, accounting for 42 percent of total transaction volume, said Worldline India’s ‘India Digital Payments Report’ for Q3 2022 on December 5.

Conversely, in regards to value, UPI P2M contributed to 19 percent of digital transactions, whereas UPI P2P counted for 65 percent. This is followed by credit and debit card payments, which accounted for 7 percent of volume and 14 percent of value.

“Digital payments are gradually becoming like a commodity and forming a subtle yet an integral part of our lives. The swift adoption of digital payments can be witnessed with each passing quarter. Popular payment instruments like UPI, cards, PPIs are already clocking over 23 billion transactions in a quarter,” said Ramesh Narasimhan, Chief Executive Officer, India, Worldline.

Overall, in Q3 2022, UPI, Debit and credit cards, and prepaid payment instruments like Mobile Wallets, and prepaid cards executed 23.06 billion transactions amounting to Rs 38.32 trillion.

“As of Q3 2022, the top 3 UPI pps in terms of volume and value were PhonePe, Google Pay, and Paytm Payments Bank App. The top five Remitter Banks were State Bank of India, HDFC Bank, Bank of Baroda, Union Bank, and ICICI Bank.
Q3 data also indicates growth in the average ticket size of transactions using cards and UPI. For credit cards it is Rs 4,833, debit cards it is Rs 2,073, UPI P2M it is Rs 738, UPI P2P it is Rs 2576, prepaid cards it is Rs 473, and M-wallet Rs 382.

The total transaction between credit cards and debit cards comes to around 65 percent and the remaining 35 percent has been shared between UPI P2P, UPI P2M, and prepaid cards.

In Q3 2022, frequently visited physical merchant categories like grocery stores, restaurants, clothing and apparel, pharmacy and medical, hotels, jewellery retail, specialty retail, household appliances, and departmental stores together accounted for over 61 percent in terms of volume and about 58 percent in terms value.

“In the online space, e-commerce (shopping for goods and services), gaming, utility & financial services contributed to over 86% of the transaction in terms of volume and 47% in terms of value,” the report said.

Credit Card transactions clocked at Rs 3.5 trillion whereas debit card transactions were at Rs 1.88 trillion in Q3.

Credit card volume and value were 725 million and Rs 3.5 trillion in Q3 2022, respectively. Credit card transactions at POS accounted for 386.83 million, while e-commerce accounted for 338.80 million.

“In the third quarter of 2022, the volume and value of debit card transactions were 907 million and INR 1.88 trillion, respectively…Debit card clients typically use their cards for small ticket-size transactions at physical touchpoints, but value-added services including EMI and BNPL are suddenly allowing consumers to use their cards for high-value items and services,” the report added.

TECH NEWS RELATED

Noisy Workplace? What Every Employer Needs to Hear

From the outset of business operations every employer should be aware that maintaining a safe and happy workplace is essential. It is not only important for the wellbeing of staff but for both the productivity and efficiency of the entire company. 

View more: Noisy Workplace? What Every Employer Needs to Hear

Maximising your business travel budget post-Covid

Understand the new business travel landscape

View more: Maximising your business travel budget post-Covid

The need-to-know terms for business leaders in 2023

The past year has given rise to a multitude of new terms used to describe different employee behaviours that have appeared since the pandemic, from ‘quiet constraint’ to ‘desk bombing’ and more. 

View more: The need-to-know terms for business leaders in 2023

Microsoft to acquire 4% stake in London Stock Exchange Group as part of 10-year cloud partnership

Microsoft is to acquire a 4% stake in the London Stock Exchange Group (LSEG), the company that owns the London Stock Exchange as well as a several other businesses including financial market data company Refinitiv which LSEG acquired from a Blackstone/Thomson Reuters consortium last year for $27 billion. Microsoft’s ...

View more: Microsoft to acquire 4% stake in London Stock Exchange Group as part of 10-year cloud partnership

Yep! Launches to Provide Multi-Format Alcohol Service with AI-Powered Personal Recommendations

Yep! , a multi-format alcohol service, today announced its launch in London. The platfo rm features personal AI-based recommendations and predictive stock supply.    

View more: Yep! Launches to Provide Multi-Format Alcohol Service with AI-Powered Personal Recommendations

Statzon Raises a €400,000 Seed Round to Expand to New Industry Verticals

A Finnish market intelligence startup, Statzon , has announced that it has successfully raised a 400K EUR seed funding round. The round includes equity funding from investors as well as an R&D loan from Business Finland.

View more: Statzon Raises a €400,000 Seed Round to Expand to New Industry Verticals

MC Exclusive: DoT may soon make it mandatory for telcos to share KYC details with OTTs

Representative image. (Image: AFP) The Department of Telecommunications (DoT) is considering creating an obligation on telcos to share know-your-customer details of their users with over-the-top (OTT) communication platforms like WhatsApp and Signal, people aware of the development told Moneycontrol. “Such a provision will help OTTs display the verified name ...

View more: MC Exclusive: DoT may soon make it mandatory for telcos to share KYC details with OTTs

Nigerian startup Taeillo raises funding to scale its online furniture e-commerce platform

Individuals or businesses buying furniture in Africa can purchase from local furniture stores or global furniture retailers like IKEA. But both options have pros and cons; for the latter, local furniture stores may lack the quality that clients need, while global retailers, in addition to taking several months to ...

View more: Nigerian startup Taeillo raises funding to scale its online furniture e-commerce platform

Robco links up with $14M led by Sequoia to bring modular robotics to industrial SMBs

Doglapan book review: An angry and indignant Ashneer Grover doesn’t hold back in this tell-all memoir

Tiger Global startup investments drop 70% in 11 months of 2022 as funding winter worsens

Uber sues NYC Taxi & Limo Commission to block rate increase for drivers

Twitter Blue to relaunch with actual verification process, higher price for Apple users

The one slide 99% of founders get wrong when fundraising

There are a lot of reasons to be excited about Canada’s venture market

Avarni is building a comprehensive dataset to analyze supply chain emissions 

Fintech giants face uphill battle

5 lessons we’ve learned from building a venture fund from scratch

Another week of layoffs, executive departures and AI-generated everything

This Week in Apps: Apple App Store’s new pricing, Twitter app makers shift to Mastodon, debate over Lensa AI

OTHER TECH NEWS

Top Car News Car News