CIOInsider India Magazine
India Logged 23.06 Billion Digital Transactions of Rs. 38.3 Lakh Crore in FY23
India logged 23.06 billion digital transactions worth Rs. 38.3 lakh crore in the third quarter of FY23, according to reports.
These digital transactions include payment done by Unified Payments Interface (UPI), debit and credit cards, prepaid payment instruments like mobile wallets, and prepaid cards.
The UPI related transactions clocked over 19.65 billion transactions in volume and Rs 32.5 lakh crore in terms of value.
The UPI transactions volume and value almost doubled since last year as it recorded about an 88 per cent increase in volume and over 71 percent increase in value in Q3 as compared to the same quarter last year, reported IANS citing Worldline India's 'Digital Payments Report' for the third quarter.
The top three UPI apps in terms of volume and value were PhonePe, Google Pay and Paytm Payments Bank App.
The top five remitter Banks were State Bank of India, HDFC Bank, Bank of Baroda, Union Bank, and ICICI Bank, whereas the top 5 beneficiary banks were Paytm Payments Bank, YES Bank, State Bank of India, Axis Bank, and ICICI Bank.
UPI person-to-merchant (P2M) and person-to-person (P2P) emerged as the most chosen payment method among consumers, accounting for 42 per cent of total transaction volume.
The total transaction between credit cards and debit cards comes to around 65 percent and the remaining 35 per cent has been shared between UPI P2P, UPI P2M, and prepaid cards
The total transaction between credit cards and debit cards comes to around 65 percent and the remaining 35 per cent has been shared between UPI P2P, UPI P2M, and prepaid cards.
