In the Digital Payments Sector, 20.57 billion transactions worth Rs 36.08 lakh crore took place in the country in the second quarter (April-June) of 2022. Worldline presented the figures for the second quarter of the year 2022 in the India Digital Payments Report released on Tuesday. According to the report, in the second quarter, the volume of UPI payments made from person to person (P2P) stood at 49 percent and 67 percent by value, but in terms of business, the volume of payments made from person to merchant (P2P) was 34 percent. and 17 percent by value. The share of payments made by credit and debit cards stood at eight per cent in terms of volume and 14 per cent in terms of value. UPI was seen to dominate digital payments during this period, but credit cards also saw a boom in growth and were the first choice for large payments.
According to the report, a large amount of UPI was registered even in small transactions. Allowing over Rs 17.4 billion to be taken from UPI in the quarter under review, which is more than Rs 30.4 lakh crore in terms of amount. This is an increase of 118 and 98 percent respectively in terms of number and amount from the second quarter of 2021. The top senders were State Bank of India, HDFC Bank, Bank of Baroda, Union Bank and Paytm Payments Bank while the top gainers were Paytm Payments Bank, Yes Bank, SBI, Axis Bank and ICICI Bank.
The report said that in June 2022, the number of UPI QR codes increased by 92 percent on an annual basis to close to 19.52 crores.
Online sectors, e-commerce (shopping for goods and services), gaming, utility and financial services accounted for 86 per cent by volume and over 47 per cent in value by digital payments, while education, travel, hospitality and government sectors accounted for the remaining volume. Contributed 14 percent in and 53 percent in value. Worldline reported in the report that Maharashtra, Tamil Nadu, Karnataka, Andhra Pradesh and Kerala had the highest number of transactions at physical touch points, while the cities of Hyderabad, Bengaluru, Chennai, Mumbai and Pune remained ahead.