India Sees 88% Increase In Digital Payments, First Choice Being UPI

New Delhi: India has seen an astounding rise in digital payments. According to a report by the National Payments Corporation of India (NCPI), the UPI, debit and credit cards, prepaid payment methods including mobile wallets, and prepaid cards recorded a combined 23.06 billion transactions in Q3, totaling Rs 38.3 lakh crore.

In comparison to the same quarter last year, there has been a startling 88% increase in volume and a 71% increase in value.

UPI was the most widely used method of transaction, accounting for 19.65 billion transactions in volume and 32.5 lakh crore in value.

PhonePe, Google Pay, and Paytm Payments Bank App were the top three UPI apps in terms of volume and value.

State Bank of India, HDFC Bank, Bank of Baroda, Union Bank, and ICICI Bank were the top five remitter banks in that order. Paytm Payments Bank, YES Bank, State Bank of India, Axis Bank, and ICICI Bank were the top five beneficiary banks.

Credit and debit card payments came in second with 7% of volume and 14% of the value of total transactions, followed by UPI person-to-person (P2P) and person-to-merchant (P2M) payments, which accounted for 42% of all transactions.