The total number of credit and debit cards in circulation by the end of second quarter of 2022 was one billion. While the number of credit cards surged by 25 percent from 62.81 million in June 2021 to 78.7 million in June 2022, debit cards rose by 2 percent from 906 million to 921.75 million during the same period.
This could, however, be the base effect as well as account clean-ups by banks which is highlighted by the number of cards falling in early 2022, states Worldline India’s India Digital Payments Report for Q2 2022 on October 4.
As of June 2022, top credit card issuing banks were HDFC Bank, SBI, ICICI Bank, Axis Bank and RBL Bank while top debit card issuing banks were SBI, BOB, Union Bank, Punjab National Bank and Canara Bank, the report adds.
In the second quarter of 2022, UPI clocked over 17.4 billion transactions in volume and ₹30.4 trillion in terms of value. Transactions volume and value have seen an increase about 118 percent increase in volume and over 98 percent increase in value in Q2 2022 as compared to Q2 2021.
Digital India: Q2 figures
|Total no of debit & credit cards||1 billion|
|Increase in credit cards||25%|
|Increase in debit cards||2%|
|UPI transactions||₹30.4 trillion|
|Increase in UPI transactions||98% (in value)|
|Increase in UPI transactions||118% (in volume)|
In Q2 2022, the top remitter banks were State Bank of India (SBI), HDFC Bank, Bank of Baroda, Union Bank and ICICI Bank.
The top beneficiary banks were Paytm Payments Bank, Yes Bank, SBI, Axis Bank and ICICI Bank.
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, Paytm.
The Average Ticket Size (ATS) for UPI P2P transactions was ₹2,425 and for UPI P2M transaction was ₹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 are part of the UPI ecosystem.
Speaking on the release of the report, Ramesh Narasimhan, chief executive officer, India, Worldline, said: “2022 is another momentous year for the payments space in India. We are successfully sailing through the aftermath of Covid-19, the total number of cards in circulation has breached one 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.”