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UPI transactions zoom ahead of all other digital payments


In 2022, payment modes such as UPI, debit and credit cards, PPIs processed a total of 87.92 billion transactions worth 149.5 trillion rupees. 

Among all the digital payment channels, UPI continues to play a dominant role, shows India Digital Payments Annual Report 2022.

UPI P2M and P2P are the most preferred payment modes among consumers with a market share of 40% and 44% in terms of transactions volume, making a total of 84%.


The number of UPI transactions in 2022 touched 74 billion transactions, a 70% increase in the year.


The average ticket size for P2M transactions in December 2022 was rupees 687 while P2P transactions was rupees 2,753.

The number of POS terminals at the end of 2022 was 7.55 million, signalling a growth of 37% YOY. 

The report highlighted that the total number of credit and debit cards in circulation by end of Year 2022 was 1.02 billion.

Banks have increased the number of credit cards by 18 percent from 69 million in December 2021 to 81.1 million in December 2022.

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Among digital transactions, UPI outpaces the rest with total volume of 84%

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Among digital transactions, UPI outpaces the rest with total volume of 84%

UPI P2M (peer to merchant) and P2P (peer to peer) are the most preferred payment modes among consumers with a market share of 40 percent and 44 percent in terms of transactions volume.

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