Report shows UPI as dominant player with 84% volume share in digital payments
- ByStartupStory | April 18, 2023

According to the India Digital Payments Annual Report 2022 by Worldline, payment modes such as UPI, debit and credit cards, and prepaid payment instruments processed a total of 87.92 billion transactions worth ₹149.5 trillion in 2022. The report highlights that UPI P2M and P2P transactions are the preferred payment modes among consumers, with a market share of 40 percent and 44 percent in terms of transaction volume, making a total of 84 percent. Stay informed on the latest digital payment trends and developments with the India Digital Payments Annual Report 2022.
According to the India Digital Payments Annual Report 2022 by Worldline, UPI transactions saw a 70 percent increase in 2022, reaching 74 billion transactions, with a total value of ₹126 trillion, a 54 percent increase. Additionally, the report highlights that the average ticket size for P2M transactions in December 2022 was ₹687, while P2P transactions were ₹2,753. The number of POS terminals also saw significant growth, reaching 7.55 million at the end of 2022, a YoY growth of 37 percent. Stay ahead of the game with the latest digital payment trends and insights from the India Digital Payments Annual Report 2022.
The India Digital Payments Annual Report 2022 by Worldline has revealed that the total number of credit and debit cards in circulation by the end of 2022 was 1.02 billion. The report also notes that banks have increased the number of credit cards by 18 percent, from 69 million in December 2021 to 81.1 million in December 2022, indicating a growing demand for higher ticket transactions. Furthermore, the volume and value of transactions conducted using credit cards has steadily increased throughout the year. Additionally, the report highlights that credit cards are now eligible for UPI transactions, suggesting that credit card transactions in 2023 could see a significant boost. Keep up to date with the latest digital payment trends and insights by reading the India Digital Payments Annual Report 2022.

According to the India Digital Payments Annual Report 2022 by Worldline, the POS market is mainly dominated by seven financial institutions, including HDFC Bank, Axis Bank, ICICI Bank, State Bank of India, RBL Bank, Paytm Payments Bank, and IndusInd Bank, covering a market share of 92% as of December 2022. The report also reveals that the number of prepaid payment instruments, including wallets and cards, was 16.23 billion by December 2022. Additionally, Aadhaar-enabled payment service (AePS) transactions also recorded a significant volume of over 2.63 billion transactions in volume and ₹3.42 trillion in value.
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