UPI Boom In India: Over 9.36 Billion Transactions Done Via UPI In Q1 2022

Digital payments have been increasing in the country with several new platforms now supporting UPI-based payments. A new report has revealed that India witnessed 9.36 billion transactions via UPI or Unified Payment Interface. The total value has amounted to Rs. 10.25 trillion in Q1 of 2022.

UPI Payments On The Rise In India

The report from Worldline revealed that Unified Payment Interface or UPI has emerged as the most preferred payment mode among consumers. The report has calculated the numbers for the first quarter of 2022, which is from January to March.

The data reports 9.36 billion transactions for the said period, amounting to Rs. 10.24 trillion. It was revealed that the UPI P2M (person to merchant) transactions were the most preferred payment mode among customers. The numbers reveal a market share of 64 percent in volume and 50 percent in terms of value.

That's not all. The report further states that UPI has clocked 14.55 billion transactions in terms of volume and Rs. 26.19 trillion in terms of value in Q1 2022. The numbers show that the transaction volume and value have doubled since last year. There's been a 99 percent increase in volume and over a 90 percent increase in value from Q1 2021.

Surge In UPI-Based Payments: New Competition In Digital Payments

The report reveals that popular UPI-based payment platforms were most preferred by Indians. The list includes PhonePe, Google Pay, Paytm Payments Bank App, Amazon Pay, and Axis Banks App.

The top PSP UPI players included YES Bank, Axis Bank, State Bank of India, HDFC Bank, and Paytm Payments Bank. The top UPI apps included PhonePe, Google Pay, and Paytm, which accounted for 94.8 percent of the UPI-based transaction volume and 93 percent of value.

UPI-based transactions have steadily been increasing. What's more, new players like Amazon Pay and WhatsApp Pay have also brought in interesting deals to consumers with cashback offers. The ease of transaction and wide acceptance of UPI payments are some of the reasons for this boom. Going forward, one might witness an even larger number in the coming months with the shopping boom.