Worldline’s India Digital Payments Annual Report 2022
India — 17 / 04 / 2023
Mumbai, 17 April 2023 – Worldline, a global leader in payment services, has published the -‘India Digital Payments Annual Report' for 2022 today. The report encapsulates important payment trends of the industry for the calendar year 2022 and has derived some unique insights.
UNIFIED PAYMENTS INTERFACE (UPI)
In the year 2022, UPI clocked over 74.05 billion transactions in volume and INR 126 trillion in terms of value. Its transactions volume and value almost doubled since last year as it recorded 91% increase in volume and over 76% increase in value in Year 2022 as compared to Year 2021.
As of year 2022, the top 5 UPI Apps in terms of volume and value were PhonePe, Google Pay, and Paytm Payments Bank App, Amazon Pay and Axis Bank while top Remitter and Beneficiary Banks are highlighted below:
| Top 5 UPI Remitter Banks | Top 5 UPI Beneficiary Banks |
| State Bank of India | Paytm Payments Bank |
| HDFC Bank | YES Bank |
| Bank of Baroda | State Bank of India |
| Union Bank of India | Axis Bank |
| ICICI Bank | ICICI Bank |
The Average Ticket Size (ATS) for UPI P2P transactions was INR 2753 and ATS for UPI P2M transactions was INR 687 by December 2022.
MERCHANT ACQUIRING
As of December 2022, the total number of POS terminals deployed by merchant acquiring banks breached the 7.55 million mark; a 37% YoY growth.
Private Sector Banks are dominating the space with 74% market share while Public Sector Banks account for 18%. Payments Banks and Foreign Banks continue to have a 7% and 1% market share respectively.
The top POS deployers were HDFC Bank, Axis Bank, ICICI Bank, State Bank of India, RBL Bank, Paytm Payments Bank, IndusInd Bank covering 92% market share as of December 2022.
CARD ISSUANCE
The total number of credit and debit cards in circulation by end of year 2022 was 1.02 billion. The number of outstanding credit cards increased by 18% from 69 million in December 2021 to 81.1 million in December 2022 while outstanding debit cards increased by 0.2% from 938 million to 939.4 million during the same period.
In the year 2022, credit cards volume and value stood at 2.76 billion and INR 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 INR 5.1 trillion at POS and INR 8.1 trillion on e-commerce transactions via credit cards in the year 2022.
In Year 2022, debit card transactions volume and value stood at 3.64 billion and INR 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, INR 4.85 trillion was processed at POS terminals while INR 2.56 trillion was processed at e-commerce via debit cards.
PREPAID PAYMENT INSTRUMENTS
By December 2022, number of prepaid payment instruments were 16.23 billion. Out of which, 13.34 billion were wallets and 288.8 million were cards.
NETC FASTAG
In the year 2022, NETC processed about 3.25 billion transactions worth INR 509.11 billion. The transactions volume increased by 31% while value increased by 37% as compared to the Year 2021. As of December 2022, total number of banks live with NETC FASTag were 36.
BHARAT BILL PAY
The transactions volume passing through Bharat Bill Payment Central Unit (BBPCU) in Year 2022 stood at 985.7 million while the transactions value was INR 1.70 trillion. It registered a growth rate of 75% and 83% in volume and value respectively as compared with year 2021.
AADHAR ENABLED PAYMENT SERVICE (AEPS)
In the year 2022, AePS transactions recorded a substantial volume of over 2.63 billion transactions in volume and INR 3.42 trillion in value. It registered about 24% growth in volume and 20% in value over year 2021. 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.
WORLDLINE INDIA INSIGHTS
In 2022, 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% in terms of volume and about 40% in terms of value.
In the online space, e-commerce (shopping for goods and services), gaming, utility and financial services contributed to over 85% transaction in terms of volume and 25% in terms of value. Education, Travel & Hospitality sector contributes to the remaining 15% & 75% in terms of volume and value respectively.
The top 10 states & UT with the highest transactions at physical touch points in 2022 for Worldline India were Kerala, Maharashtra, Tamil Nadu, Karnataka, Uttar Pradesh, Delhi, Telangana, Gujarat, West Bengal, and Punjab.
The top 10 cities with the highest number of transactions at physical touchpoints in 2022 for Worldline India were Bengaluru, New Delhi, Mumbai, Pune, Chennai, Hyderabad, Ernakulam, Thiruvananthapuram, Thrissur, and Coimbatore.
About Worldline
Worldline [Euronext: WLN] helps businesses of all shapes and sizes to accelerate their growth journey – quickly, simply, and securely. With advanced payments technology, local expertise and solutions customised for hundreds of markets and industries, Worldline powers the growth of over one million businesses around the world. Worldline generated 4.4 billion euros in revenue in 2022.
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