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Digital payments on the rise, digital transactions worth Rs 38,320 billion in July-September

Digital Payment Report: With the emphasis on digitization, digital transactions are increasing rapidly in the country. Through payment modes like UPI in the country, crores of people are using digital payments in their daily work. Along with the increase in digital payments, the trend of payments through debit-credit cards has also increased in the country.

There were so many digital payments in the July-September quarter
In the July-September quarter this year, digital transactions worth Rs 38,320 billion have taken place through UPI (Unified Payments Interface), prepaid payment products such as debit and credit cards and mobile wallets. Financial technology company Worldline India said this in a report. According to the report, Mumbai, Karnataka, Kerala, Tamil Nadu and Andhra Pradesh are the top five states where maximum digital transactions took place. Bangalore tops the list.

UPI continues to dominate
UPI based transactions dominate digital transactions both in terms of value and volume. According to the India Digital Payments Report for the third quarter, 19.65 billion transactions worth Rs 32,500 billion were done through UPI. “Both transaction numbers and value have almost doubled on a year-on-year basis. There has been an increase of 88 per cent in the third quarter of 2022 in terms of number and more than 71 per cent in terms of value,” the report said.

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Ramesh Narasimhan, Chief Executive Officer, Worldline said, “Digital payments are gradually becoming an integral part of our lives. Digital payments are growing exponentially with each quarter. Popular payment instruments like UPI, cards, prepaid payment products, etc. More than 23 billion transactions are happening in a quarter since.”

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