October 5, 2022
1 min read

India saw online transactions worth Rs 36 trillion in Q2

Payments through credit and debit cards accounted for 8 per cent in volume and 14 per cent in value…reports Asian Lite news

India saw 20.57 billion online transactions worth Rs 36.08 trillion in the second quarter (Q2) this year, a report showed on Tuesday.

The online transactions were processed through debit and credit cards, prepaid payment instruments like mobile wallets and prepaid cards and UPI which includes P2M (person to merchant) and P2P (person to person) transactions.

“UPI P2P accounted for 49 per cent in volume and 67 per cent in value but in terms of merchants’ transactions, UPI P2M emerged as the preferred payment mode with a market share of 34 per cent in volume and 17 per cent in terms of value,” said Worldline’s ‘India Digital Payments Report’.

Payments through credit and debit cards accounted for 8 per cent in volume and 14 per cent in value.

“While UPI remains a dominant payment mode, adoption of credit cards is growing at a healthy pace it remains the preferred mode for high ticket size transactions,” the report added.

In Q2 2022, UPI clocked over 17.4 billion transactions in volume and Rs 30.4 trillion in terms of value.

Transactions volume and value have seen an increase about 118 per cent increase in volume and over 98 per cent increase in value in Q2 2022 as compared to Q2 2021.

UPI now has 346 partner banks as a part of the ecosystem. It is now accepted in countries like the UAE, Singapore, France and Bhutan.

As of June 2022, the total number of POS terminals deployed by merchant acquiring banks was 6.59 million; it increased by 43 per cent growth in Q2 2022 compared to Q2 2021, according to the report.

The total number of credit and debit cards in circulation by the end of Q2 2022 was 1 billion.

In Q2 2022, credit cards volume and value stood at 688.65 million and Rs 3.28 trillion respectively.

In Q2 2022, debit card transactions volume and value stood at 973.12 million and Rs 1.91 trillion, respectively.

ALSO READ: ‘Match supplies with demand’

Previous Story

Top IT firms delay hiring process

Next Story

Quad to help India at Ladakh

Latest from Business

Maruti’s Global Push Breaks Record

June shipments hit 37,842 units, signalling robust global demand Maruti Suzuki India recorded its highest-ever monthly exports in June, shipping 37,842 units and marking a new milestone that highlights the company’s expanding

India Bats for Fairer Global Finance: FM Sitharaman

FM Sitharaman stated that we believe that optimal regulation fosters innovation and stability….reports Asian Lite News India supports reforms to the international financial architecture to enhance inclusivity and equity, including Multilateral Development

EVs Drive Cleaner Cities

Each EV is equipped with GPS tracking for real-time monitoring and efficiently serves the city’s 159.46 square kilometre area The use of electric vehicles (EVs) in household waste collection is ushering in

Residential Market Sees Revival

Sales jump 77% from FY19 to FY25 as luxury housing, office leasing, logistics, and tech-led investments drive real estate recovery. India’s residential real estate market has witnessed a dramatic revival in the

Recovery From Realty Stress Rises

Crisil expects residential demand in these markets to grow by 7–9 per cent in FY26, offering critical support to projects now being revived through restructuring Asset Reconstruction Companies (ARCs) are expected to
Go toTop

Don't Miss

EC gears up for polls in Tripura, Nagaland, Meghalaya

Training of district level officials on conduct of assembly polls

Burmese grapes from Assam exported to Dubai

North-Eastern states are becoming part of the agricultural and processed