India records over 23 billion digital payments worth Rs 38.3 lakh crore in Q3
India has logged 23.06 billion digital transactions worth Rs 38.3 lakh crore in July-September 2022.
Unified Payments Interface (UPI), debit and credit cards, prepaid payment instruments such as mobile wallets and prepaid cards, reports The Economic Times.
UPI-related transactions accounted for over 19.65 billion transactions in volume and Rs 32.5 lakh crore in value.
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UPI person-to-merchant (P2M) and person-to-person (P2P) emerged as the most popular payment methods among consumers, accounting for 42 percent of total transaction volume.
"The swift adoption of digital payments can be witnessed with each passing quarter. Popular payment instruments like UPI, cards, PPIs are already clocking over 23 billion transactions in a quarter," said Ramesh Narasimhan, CEO, India, Worldline.
Q3 data indicates healthy usage of credit cards and growth in the average ticket size.
By the end of the third quarter, there were 1.01 billion credit and debit cards in circulation.
Credit card volume and value were 725 million and Rs 3.5 lakh crore in Q3 2022, respectively.
In the third quarter of 2022, the volume and value of debit card transactions were 907 million and Rs 1.88 lakh crore, respectively, the report said.
Through September, at least 58.78 million FASTags were issued by 36 banks.
