UPI Dominates Digital Transactions In 2022 Worth INR 126 Lakh Crore: Worldline Report India's flagship payment platform Unified Payments Interface (UPI) continued to be the most dominant channel for digital payments in 2022 with a 70% increase in the number of transactions to 74 billion and a 54% increase in the value, stated the report
By Teena Jose
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Worldline, a global leader in payment services, has published the -'India Digital Payments Annual Report' for 2022 that stated in 2022, payment modes like UPI, Debit and Credit cards, Prepaid Payment Instruments – Mobile and Prepaid cards processed 87.92 billion transactions worth INR 149.5 trillion.
The report further revealed that Bengaluru has topped the list of cities rampantly using digital transactions with a volume of 29 million and a value of INR 6,500 crore of transaction, and added that Mumbai, New Delhi, Pune and Chennai are among the top 5 cities with the highest digital transactions. New Delhi was second with 19.6 million transactions amounting to INR 5,000 crore, Mumbai followed with 18.7 million transactions amounting to INR 4,950 crore, Pune with 15 million transactions amounting to INR 3,280 crore, and Chennai with 14.3 million transactions amounting to INR 3,550 crore.
India's flagship payment platform Unified Payments Interface (UPI) continued to be the most dominant channel for digital payments in 2022 with a 70% increase in the number of transactions to 74 billion and a 54% increase in the value, stated the report.
"The year 2022 witnessed an ever increasing adoption of digital payments, with UPI leading the way. Popular payment instruments like UPI, cards, PPIs were already clocking over INR 149.5 trillion worth of digital transactions in 2022. In 2023 and beyond, Worldline will continue to collaborate with our merchants, partner banks, fintechs, ecommerce players and invest in the technology and infrastructure needed to build a more inclusive and open financial ecosystem," said Ramesh Narasimhan, CEO, Worldline India, in a statement.
Moreover, the report revealed that UPI Person-to-Merchant (P2M) and Person-to-Person (P2P) turned out to be the most preferred payment modes among consumers with a market share of 40% and 44% in terms of transaction volume (UPI was 84% in total) in 2022. However, in terms of value, UPI P2M accounted for 18% share whereas UPI P2P accounted for 66% of digital transactions by value (UPI was 84% in total).
Commenting on this, Shashank Sharma, director at Scoreme Solutions Pvt Ltd, has said that, "The increase of UPI adoption in India's digital payments space continues to grow with the widespread use of QR codes. With UPI having processed more than 74 billion transactions amounting to Rs 126 trillion this clearly indicates widespread adoption and acceptance by Indian consumers. The acceptance of UPI is due to the ease of use, secure payment network along with government support for a cashless economy. UPI will continue to enhance economic growth, enable payments and innovation in the Indian economy."
