India records more than 23 billion digital payments in Q3
By MYBRANDBOOK
India logged 23.06 billion digital transactions worth Rs 38.3 lakh crore in the third quarter of FY23. These digital transactions include Unified Payments Interface (UPI) payments, debit and credit cards, prepaid payment instruments like mobile wallets, and prepaid cards.
The UPI payments clocked over 19.65 billion transactions in volume and Rs 32.5 lakh crore in terms of value. The top three UPI apps in terms of volume and value were PhonePe, Google Pay and Paytm Payments Bank App.
The top five remitter Banks were State Bank of India (SBI), HDFC Bank, Bank of Baroda, Union Bank, and ICICI Bank, whereas the top 5 beneficiary banks were Paytm Payments Bank, YES Bank, SBI, Axis Bank, and ICICI Bank.
UPI person-to-merchant (P2M) and person-to-person (P2P) were the most chosen payment methods among consumers, accounting for 42 percent of total transaction volume, followed by credit and debit card payments, which accounted for 7 percent of volume and 14 percent of value.
The total transaction between credit cards and debit cards comes to around 65 percent and the remaining 35 percent has been shared between UPI P2P, UPI P2M, and prepaid cards. By the end of the third quarter, there were 1.01 billion credit and debit cards in circulation.
As of September 2022, the overall number of POS terminals installed by merchant-acquiring banks had surpassed 7 million. In Q3 2022, POS deployment increased by more than 41 percent reaching 7.03 million, when compared to the same quarter of the previous year.
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