India saw 9.36 billion transactions amounting to Rs 10.25 trillion in the January-March quarter through various payment modes led by Unified Payment Interface (UPI). In Q1 2022, UPI clocked over 14.55 billion transactions in volume and Rs 26.19 trillion in terms of value.
Among the top UPI Apps, Phone Pe, Google Pay and Paytm accounted for 94.8 percent of UPI transactions volume and 93 percent of UPI transactions value as of March 2022. The UPI P2M (person to merchant) transactions emerged as the most preferred payment mode among consumers with a market share of 64 percent in volume and 50 percent in terms of value.
In Q1 2022, UPI clocked over 14.55 billion transactions in volume and Rs 26.19 trillion in terms of value, doubling the transactions volume and value since last year to about a 99 percent increase in volume and over 90 percent increase in value compared to Q1 2021.
As of the first quarter, the top UPI apps in terms of volume were PhonePe, Google Pay, Paytm Payments Bank App, Amazon Pay, Axis banks App while top PSP UPI Players were YES Bank, Axis Bank, State Bank of India, HDFC Bank and Paytm Payments Bank.
Credit cards accounted for 7 percent of transactions, but 26 percent of value, indicating that customers still prefer to use their credit cards for high value transactions. Debit cards account for 10 percent of transactions, but 18 percent in value.
