Earlier, the limit was Rs 200 before the RBI’s instructions over the UPI in an offline mode.
In the second quarter (Q2), India processed 20.57 billion online transactions valued at Rs 36.08 trillion this year, according to a report released by Wordline India, on Tuesday.
The online transactions were processed through debit and credit cards, prepaid payment instruments like mobile wallets and prepaid cards, and UPI which includes P2M (person to merchant) and P2P (person to person) transactions.
“UPI P2P accounted for 49 per cent in volume and 67 per cent in value but in terms of merchants’ transactions, UPI P2M emerged as the preferred payment mode with a market share of 34 per cent in volume and 17 per cent in terms of value,” the report said.
Payments through credit and debit cards accounted for 8 per cent in volume and 14 per cent in value.
“While UPI remains a dominant payment mode, adoption of credit cards is growing at a healthy pace it remains the preferred mode for high ticket size transactions,” the report added.
Speaking on the report, Ramesh Narasimhan, Chief Executive Officer – Worldline India, said, “2022 is another momentous year for the payments space in India. We are successfully sailing through the aftermath of Covid-19, the total cards in circulation have breached the 1 billion mark, UPI is tracking over 6 billion transactions per month, about 53 million FASTags have been issued, and over 20k billers are live on the Bharat BillPay ecosystem. This demonstrates a robust payment ecosystem that is built to serve the diverse and growing needs of Bharat.”
In Q2 2022, UPI clocked over 17.4 billion transactions in volume and Rs 30.4 trillion in terms of value.
Transactions volume and value have seen an increase of about 118 per cent increase in volume and over 98 per cent increase in value in Q2 2022 as compared to Q2 2021.
In the second quarter State Bank of India, HDFC Bank, Bank of Baroda, Union Bank, and ICICI Bank were the top remitter banks. While, Paytm Payments Bank, Yes Bank, SBI, Axis Bank, and ICICI Bank were the top beneficiary banks.
However, it should be noted that most transactions are being driven by Third-Party applications riding on the rails of these banks; in Q2 2022, the top UPI Apps in terms of volume were PhonePe, Google Pay, and Paytm.
The Average Ticket Size (ATS) for UPI P2P transactions was INR 2425 and for UPI P2M transaction was INR 820 as of June 2022.
UPI now has 346 partner banks as a part of the ecosystem. It is now accepted in countries like the UAE, Singapore, France, and Bhutan.
As of June 2022, the total number of POS terminals deployed by merchant acquiring banks was 6.59 million; it increased by 43 per cent growth in Q2 2022 compared to Q2 2021, according to the report.
The total number of credit and debit cards in circulation by the end of Q2 2022 was 1 billion.
In Q2 2022, credit cards volume and value stood at 688.65 million and Rs 3.28 trillion respectively.
In Q2 2022, debit card transactions volume and value stood at 973.12 million and Rs 1.91 trillion, respectively.
(with inputs from IANS)