Worldline’s 'India Digital Payments Report’ Q2 2022

India — 04 / 12 / 2022

Mumbai, 4th October 2022: Worldline India has released the ‘India Digital Payments Report’ for Q2 2022 today. The report highlights the analysis of the transactions available in public databases as well as processed by Worldline India in the second quarter (April – June 2022) and derived some unique insights.

9 min.

Q2- 2022
How does India Pay?
In Q2 2022, 20.57 billion transactions in volume and INR 36.08 trillion in terms of value were processed through Debit and Credit cards, Prepaid Payment Instruments like mobile wallets and prepaid cards, and UPI which includes P2M (person to merchant) and P2P (person to person) transactions.

UPI P2P accounted for 49% in volume and 67% in value but in terms of merchant transactions, UPI P2M emerged as the preferred payment mode with a market share of 34% in volume and 17% in terms of value. Payments through credit and debit cards accounted for 8% in volume and 14% in value. While UPI remains a dominant payment mode, the adoption of credit cards is growing at a healthy pace it remains the preferred mode for high ticket-size transactions.

Speaking on release of the report, Mr. Ramesh Narasimhan, Chief Executive Officer - Worldline India said: “2022 is another momentous year for the payments space in India. We are successfully sailing through the aftermath of Covid-19, the total cards in circulation has breached the 1 billion mark, UPI is tracking over 6 billion transactions per month, about 53 million FASTags have been issued, and over 20k billers are live on Bharat BillPay ecosystem. This demonstrates a robust payment ecosystem that is built to serve the diverse and growing needs of Bharat. We are glad to share our India Digital Payments Report Q2 2022 which captures key trends in the payment world and showcases a double-digit growth across almost all payment platforms. We also highlight our view on what the RBI’s Vision 2025 means for Digital Payments in India.”


In Q2 2022, UPI clocked over 17.4 billion transactions in volume and INR 30.4 trillion in terms of value. Transactions volume and value have seen an increase of about 118% increase in volume and over 98% increase in value in Q2 2022 as compared to Q2 2021. However, it should be noted that most transactions are being driven by Third-Party applications riding on the rails of these banks.

In Q2 2022, the top UPI Apps in terms of volume were PhonePe, Google Pay, and Paytm.

Top Five Remitter Banks         Top Five Beneficiary Banks  

State Bank of India


Bank of Baroda

Union Bank 


Paytm Payments Bank

YES Bank

State Bank of India

Axis Bank 



The Average Ticket Size (ATS) for UPI P2P transactions was INR 2425 and for UPI P2M transactions was INR 820 as of June 2022.

UPI was launched in April 2016 with 21 partner banks and as of now, the number has increased to 346 banks that are part of the UPI ecosystem. It is now accepted in countries like UAE, Singapore, France and Bhutan.

What could be a game-changer for UPI transactions will be linking credit cards onto the platform – it is currently only Rupay but could increase going forward – and this could further supercharge UPI transactions, especially in terms of P2M average ticket sizes. The government has also reiterated that UPI is a public good and that it is not considering levying any charges for UPI services. Companies have sought access to UPI data, says RBI Deputy Governor. As of June 2022, the total number of UPI QRs stood at 195.17 million, an increase of 92% compared to June 2021.


Merchant Acquiring

As of June 2022, the total number of POS terminals deployed by merchant acquiring banks was 6.59 million; it increased by 43% growth in Q2 2022 compared to Q2 2021. Overall, private sector banks represented about 74% of the POS terminal market while public sector banks accounted for 18%. Payments banks accounted for 7% market share and foreign banks continue to represent a 1% share.

Top POS Deployers

HDFC Bank, Axis Bank, ICICI Bank, State Bank of India, RBL Bank, Paytm Payments Bank, IndusInd Bank, Kotak Bank, Yes Bank, Canara Bank are the top acquiring banks with significant market share in terms of POS deployment.

Worldline in India insights

In Q2 2022, frequently visited physical merchant categories like grocery stores, restaurants, clothing and apparel, pharmacy and medical, hotels, jewellery retail, specialty retail, household appliances, and departmental stores together accounted for over 61% in terms of volume and about 58% in terms value. In the online space, e-commerce (shopping for goods and services), gaming, utility, and financial services contributed to over 86% of transactions in terms of volume and 47% in terms of value.

Education, Travel, Hospitality, and government sectors contributed the remaining 14% of transactions in terms of volume & 53% in terms of value.

States and cities with the highest number of transactions at physical touch points in Q2 2022 for Worldline India.

Top Ten States         Top Ten Cities  


Tamil Nadu


Andhra Pradesh




Uttar Pradesh


West Bengal











Card Issuance

The total number of credit and debit cards in circulation by the end of Q2 2022 was 1 billion. While the number of credit cards increased by 25% from 62.81 million in June 2021 to 78.7 million in June 2022, debit cards increased by 2% from 906 million to 921.75 million during the same period; this could however be the base effect as well as account cleanups by banks which is highlighted by the number of cards falling in early 2022.

As of June 2022, the top credit card issuing banks were HDFC Bank, SBI, ICICI Bank, Axis Bank, and RBL Bank while the top debit card issuing banks were SBI, BOB, Union Bank, Punjab National Bank, and Canara Bank

Transaction Analysis of Credit Cards

In Q2 2022, Credit card volume and value stood at 688.65 million and INR 3.28 trillion respectively. The number of credit card transactions at POS accounted for 358.35 million while e-commerce transactions was 330.30 million. In terms of value, consumers transacted INR 1226.29 billion at POS terminals and INR 2053.66 billion at e-commerce via credit cards in Q2 2022. Even though credit card volume at POS and e-commerce are nearly equal, the value of e-commerce transactions is higher as compared with the value of transactions at POS. This is in line with the general trend of transactions of high-ticket items moving from the physical to the digital space.

Industry participants are expecting further tailwinds in credit card spending with the onset of the festive season, where spending typically remains at an elevated level. Many issuers have lined up special offers on credit cards to boost festival spending and going by recent trends, they expect a promising festive season. The RBI is also ensuring that cardholders feel secure when transacting online by mandating the tokenization of all card numbers.

Transaction Analysis of Debit Cards

In Q2 2022, debit card transactions volume and value stood at 973.12 million and INR 1.91 trillion respectively. Out of the total debit card volume, transactions at POS were 629.48 million and e-commerce was 343.64 million. In terms of value, INR 1.28 trillion was processed at POS terminals while INR 642.12 billion was processed at e-commerce via debit cards. Indians are getting more comfortable with making online purchases via credit cards for big ticket-size transactions while debit cards are more frequently used for small ticket-size purchases at physical touchpoints. Value-added services like EMI and BNPL are enabling customers to opt for high-value products and services using their cards.

Prepaid Payment Instruments

In Q2 2022, total prepaid card transactions volume and value were 412.29 million and INR 206.36 billion respectively. Transactions at POS accounted for 34.93 million while transactions through ecommerce were 377.56 million. In terms of value, prepaid cards at POS processed transactions were worth INR 58.20 billion while INR 148.16 billion was processed through ecommerce. The prepaid card industry grew rapidly with fintechs and their innovative offerings but there has been a pause of late because of the recent RBI mandate on prepaid cards – it would be interesting to see how the industry pivots to this.

Transaction Analysis of Mobile Wallet

In Q2 2022, the number of transactions through mobile wallets was 1.52 billion and the value was INR 574.64 billion. This includes the purchase of goods and services and fund transfers through wallets. Transactions through wallets are growing steadily recording a 38% increase in volume and 27% in value when compared to Q2 2021.

National Electronic Toll Collection

In Q2 2022, NETC processed about 829 million transactions worth INR 129 billion. The transaction volume increased by 89% while the value increased by 72% as compared to Q2 2021. As of March 2022, the total number of banks living with NETC FASTag was 36 while about 52.9 million NETC FASTags have been issued since the inception of the NETC program. NETC FASTag continues to grow, and new use cases are coming up such as payment at parking plazas at malls, metro stations, hospitals, and airports among others; apart from acceptance across national and state highways. Currently, over 40 parking plazas across the country accept FASTags for parking fees in over 20 major cities.

Top Issuer and Acquirer BAnk for FASTAGS as of March 2022

Top Five Issuer Banks         Top Five Acquirer Banks  



Paytm Payment Bank

Airtel Payment Bank

Kotak Bank

 IDFC Bank


Paytm Payment Bank

Axis Bank 


Bharat Billpay

The transaction volume passing through the Bharat Bill Payment Central Unit (BBPCU) in Q2 2022 stood at 238.31 million while the transaction value was INR 403.02 billion. It registered a growth rate of 99% and 108% in volume and value respectively as compared with Q2 2021.

As of June 2022, the top 5 BBPOUs based on Billers on-boarded were Axis Bank, ICICI Bank, Kotak Mahindra Bank, Infibeam Avenues Limited and India Ideas Com Ltd. Axis Bank had onboarded 19,399 billers followed by ICICI Bank with 18,016 billers in June 2022. Bharat Bill Pay caters to about 20 categories like Education, Loan Repayment, Insurance, FASTag recharge, Housing Society, Credit cards, Subscriptions, Hospitals, Clubs and associations, Electricity, Water and Municipal Taxes, LPG gases, Piped Gas, DTH, Mobile prepaid, postpaid, broadband postpaid and cable, etc. Out of these, Electricity, FASTag recharge, and Mobile Postpaid contributed to a 70% share in volume and 66% in value in June 2022. There are over 932 Agent institutions BBPOUs live on Bharat BillPay.

Aadhaar- enabled Payment Service

In Q2 2022, AePS transactions recorded a substantial volume of over 679 million transactions, registering about 38% growth over Q2 2021. It processed transactions worth INR 913 billion, an increase of 28% over Q2 2021. AePS is a bank-led model that allows online interoperable financial inclusion transactions at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication.


About Worldline India

Worldline India is part of the Worldline group. Worldline India offers a one-stop shop for all payment needs – In-store payments, Online payments, Omnichannel Payments, and Issuance and Acquiring solutions. Worldline India has over 20 years of payment experience and is one of the most preferred partners of choice for all leading banks, retail brands, e-commerce companies, NBFCs, Insurance, start-ups, and SMBs in India. Worldline covers the whole payment value chain and end-to-end processes that facilitate services to over 1.5 million merchants across 5000 towns and cities in India. Supported by an over 2000-member team, Worldline India is constantly investing in its people and in the latest technologies to increase efficiencies, drive innovation, and enhance digital payments adoption across the country.


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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