UPI corners 64% of transactions worth Rs 10.2 trillion in Q1 2022

MUMBAI: India saw 9.36 billion transactions amounting to Rs 10.25 trillion in the first quarter (January-March period) via various payment modes led by Unified Payment Interface (UPI), a new report showed on Monday.

The UPI P2M (person to merchant) transactions emerged as the most preferred payment mode among consumers with a market share of 64 pc in volume and 50 per cent in terms of value, according to the report by Worldline, a global leader in payments industry.

In Q1 2022, UPI clocked over 14.55 billion transactions in volume and Rs 26.19 trillion in terms of value.

Its transactions volume and value has almost doubled since last year recording about a 99 per cent increase in volume and over 90 per cent increase in value compared to Q1 2021. As of the first quarter, the top UPI apps in terms of volume were PhonePe, Google Pay, Paytm Payments Bank App, Amazon Pay, Axis banks App while top PSP UPI Players were YES Bank, Axis Bank, State Bank of India, HDFC Bank and Paytm Payments Bank.

Among the top UPI Apps, Phone Pe, Google Pay and Paytm accounted for 94.8 pc of UPI transactions volume and 93 pc of UPI transactions value as of March 2022, it showed.

The average ticket size for UPI P2P (peer-to-peer) transactions was Rs 2,455 and Rs 860 for P2M transactions (as of March).