Digital payments worth Rs 38.32 lakh crore carried out in July-September 2022 period


Payment modes such as Unified Payments Interface (UPI), debit and credit cards, prepaid payment instruments -mobile wallets and prepaid cards processed 23.06 billion transactions worth Rs 38.32 lakh crore in the third quarter of the calendar year 2022 (July-Sept), according to a report by Worldline India.

The ‘India Digital Payments Report’ for Q32022 reveals UPI person-to-merchant (P2M) and person-to-person (P2P) emerged as the most preferred payment mode among consumers with a market share of nearly 42% each in terms of transactions volume (UPI was 85% in total).

In terms of value, UPI P2M accounted for 19% share whereas UPI P2P accounted for 65% of digital transactions by value (UPI was 84% in total), the report states. In the third quarter of this year, UPI clocked over 19.65 billion transactions in volume and Rs 32.5 lakh crore in terms of value. PhonePe, Google Pay and Paytm Payments Bank App were the top 3 UPI apps in terms of both volume and value.

The number of credit and debit cards went above 1 billion. As per the report, the total number of credit and debit cards in circulation by the end of September was 1.01 billion. The number of outstanding credit cards climbed by 19% from 65 million in September 2021 to 77.7 million in September 2022.

Outstanding debit cards rose by 2% from 920.3 million to 938.53 million during the same time. Despite the general trend of transactions moving from physical to digital space, credit card volume at POS and eCommerce remains nearly equal in Q3, 2022.

As far as mobile wallets are concerned, in Q3, 2022, the number of transactions stood at 1.44 billion and its value was Rs 55,180 crore. The report says transactions via wallets are growing steadily and it recorded a 19% rise in volume while its value of transactions fell by 9 % as compared with Q3 2021.

━ related

Cyclone Biparjoy: India Issues Alerts as Severe Weather System Approaches

India has issued alerts and initiated precautionary measures as Cyclone Biparjoy intensifies and approaches coastal areas. With the potential for strong winds, heavy rainfall, and storm surges, authorities are taking proactive steps to ensure the safety of residents, evacuate vulnerable areas, and provide necessary support and resources to mitigate the impact of the cyclone.

International Day for the Fight Against Illegal, Unreported, and Unregulated Fishing 2023: A Global Call to Preserve Oceanic Resources

The International Day for the Fight Against Illegal, Unreported, and Unregulated (IUU) Fishing is observed on [date] each year to raise awareness about the detrimental impact of IUU fishing practices on marine ecosystems and coastal communities. This day serves as a reminder of the urgent need for international collaboration and stringent measures to combat IUU fishing and ensure sustainable management of our oceans.

Dennis Francis Elected 78th UNGA President: A New Leadership for Global Diplomacy

Dennis Francis, a respected diplomat, has been elected as the 78th President of the United Nations General Assembly (UNGA). His appointment brings fresh leadership and a commitment to fostering international cooperation, addressing global challenges, and advancing the agenda of peace, development, and human rights.

Regulator Directs SBI Life to Take Over Sahara Life Policies: Ensuring Stability and Protection for Policyholders

In a regulatory move, SBI Life Insurance has been directed to take over the policies of Sahara Life Insurance, ensuring continuity and safeguarding the interests of policyholders. This directive by the regulatory authority aims to maintain stability in the insurance sector and provide assurance to customers amidst the transition.

UAE to Host World’s Largest Conservation Conference in 2025: A Global Initiative for Environmental Preservation

The United Arab Emirates (UAE) has been selected as the host country for the world's largest conservation conference in 2025. This prestigious event will bring together experts, policymakers, and environmental enthusiasts from around the globe to address pressing conservation challenges, exchange knowledge, and forge new partnerships in the pursuit of a sustainable future.