BackIndia saw record of ₹149.5 trillion UPI, card transactions in 2022; THIS city tops the list
As per the report, UPI clocked over 74.05 billion transactions in volume and ₹126 trillion in terms of value.
PremiumThe silicone valley of India, Bengaluru has topped the list of Indian cities in terms of highest digital transactions in the year 2022, a report by French payment and transactional services firm has stated. The city recorded 29 million transaction worth ₹6500 crore in 2022, The Hindu has reported citing the Worldline report.
Second on the list is Delhi which amounted 19.6 million transaction worth ₹5000 crore followed by Mumbai with 18.7 million transactions worth ₹4950 crore. On number 4 is Pune with 15 million digital transactions worth ₹3280 crore and Chennai with 14.3 million transactions worth ₹3,550 crore, the report has stated.
In the report titled ‘India Digital Payments Annual Report,’ payment modes like UPI, Debit and Credit cards, Prepaid Payment Instruments – Mobile and Prepaid cards processed 87.92 billion transactions worth ₹149.5 trillion.
As per the report, UPI clocked over 74.05 billion transactions in volume and ₹126 trillion in terms of value. Its transactions volume and value almost doubled since last year as it recorded 91 percent increase in volume and over 76 percent increase in value in Year 2022 as compared to Year 2021.
In the report, it shows that frequently visited physical merchant categories like grocery stores, restaurants, clothing and apparel, pharmacy and medical, hotels, jewelry retail, specialty retail, household appliances and departmental stores together accounted for over 43 percent in terms of volume while 40 percent in terms of value.
In the online space, e-commerce (shopping for goods and services), gaming, utility and financial services contributed to over 85 percent transaction in terms of volume and 25 percent in terms of value.
Education, Travel and Hospitality sector contributes to the remaining 15 percent and 75 percent in terms of volume and value respectively.
The top 10 states & UT with the highest transactions for at physical touch points in 2022 for Worldline India were Kerala, Maharashtra, Tamil Nadu, Karnataka, Uttar Pradesh, Delhi, Telangana, Gujarat, West Bengal, and Punjab.
Whereas the top 10 cities with the highest number of transactions at physical touch points in 2022 for Worldline India were Bengaluru, New Delhi, Mumbai, Pune, Chennai, Hyderabad, Ernakulam, Thiruvananthapuram, Thrissur, and Coimbatore
Speaking of debit and credit cards, the volume and value of credit cards stood at 2.76 billion and ₹13.12 trillion respectively. The number of credit card transactions at POS accounted for 1.47 billion while ecommerce was 1.29 billion. In terms of value, consumers transacted ₹5.1 trillion at POS and ₹8.1 trillion on e-commerce transactions via credit cards in the year 2022.
In terms of debit card transactions, the volume and value stood at 3.64 billion and ₹7.4 trillion respectively. Out of the total debit card volume, transactions at POS accounted for 2.38 billion while transactions at e-commerce was 1.26 billion. In terms of value, ₹4.85 trillion was processed at POS terminals while ₹2.56 trillion was processed at e-commerce via debit cards.
The report also showed that the total number of credit and debit cards in circulation by end of year 2022 was 1.02 billion.
By December 2022, number of prepaid payment instruments were 16.23 billion of which 13.34 billion were wallets and 288.8 million were cards.
In terms of Bharat Bill Payment Central Unit (BBPCU) in Year 2022, the transactions volume stood at 985.7 million while the transactions value was ₹1.70 trillion, registering a growth rate of 75 percent and 83 percent in volume and value respectively as compared with year 2021.
In terms of Aadhar enabled payment service, AePS transactions recorded a substantial volume of over 2.63 billion transactions in volume and ₹3.42 trillion in value. AePS is a bank led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication.
Ramesh Narasimhan, Chief Executive Officer, Worldline India, said, "I am amazed every day to see the incredible progress we have made in the digital payments ecosystem over the past few years. The adoption of multiple payment solutions is a boon in our journey to realise the dream of a less-cash India."
The year 2022 saw an ever-increasing adoption of digital payments, with UPI leading the way, according to the report. Popular payment instruments like UPI, cards, prepaid payment instruments (PPIs) were already clocking over ₹149.5 trillion worth of digital transactions in 2022. In 2023 and beyond, Worldline said in its report that it will continue to collaborate with its merchants, partner banks, fintechs, e-commerce players and invest in the technology and infrastructure needed to build a more inclusive and open financial ecosystem
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