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<ul><li><keyword id="19902762" type="General" weightage="20" keywordseo="Google" source="keywords" meta.keywordsubtype="org" meta.entityname="Google" meta.hostid="261" meta.entityid="Google">Google</keyword> announced the launch of the <keyword id="20702287" type="General" weightage="100" keywordseo="Google-Wallet" source="keywords">Google Wallet</keyword> app in India on Wednesday.</li><li>Google Wallet is a <keyword id="20546945" type="General" weightage="20" keywordseo="digital-wallet" source="keywords">digital wallet</keyword> platform that allows users to store their <keyword id="21409411" type="General" weightage="20" keywordseo="loyalty-cards" source="keywords">loyalty cards</keyword>, gift cards, boarding passes and more.</li><li>Here’s everything you need to know about the Google Wallet.</li></ul> The Google Wallet has finally been launched in India, after being spotted on the Play Store a few weeks ago. While Google had then dismissed speculation around the launch of the app in India, it has now officially launched the app. For those unaware, Google Wallet is a digital wallet platform that allows users to store their loyalty cards, gift cards, boarding passes and more. Google has partnered with over 20 brands in India and has said that other brands will be added in the coming months. <cmsannotation type="cmsannotation" annotationid="What is Google Wallet?" comment="subhead" text="What is Google Wallet?">What is Google Wallet?</cmsannotation> The Google Wallet was first launched in 2011 in the US as a payment app and was relaunched as a digital wallet app in 2022. With Google Wallet, you can store digital versions of your transit passes, office badges, vaccine records, car keys, boarding passes, and even student IDs. Now, nearly two years later, the app has made its way to India, albeit with some changes. While the app in the US allows users to add their debit and credit cards, Indian users will not be able to do so. <cmsannotation type="cmsannotation" annotationid="Google Wallet for India" comment="subhead" text="Google Wallet for India">Google Wallet for India</cmsannotation> To cater to India, Google has partnered with over 20 of the country’s leading brands, including PVR &amp; Inox, Air India, Indigo, Flipkart, AbhiBus, Kochi Metro and more. For India, the Google Wallet app will only work as a digital wallet and users will not be able to add their debit or credit cards. For this purpose, Indian users can continue to use the <keyword id="19907218" type="General" weightage="20" keywordseo="Google-Pay" source="keywords">Google Pay</keyword> app. "The arrival of Google Wallet in India marks an important milestone in Android's India journey, bringing innovative and convenient experiences to simplify peoples' daily lives. We are delighted to partner with many of India's top brands to offer a comprehensive solution that helps you securely access and manage your everyday essentials. From boarding passes to loyalty cards, and event tickets to public transport passes - they're there when you need them,” said Ram Papatla, GM and India Engineering Lead, Android at Google. <cmsannotation type="cmsannotation" annotationid="Google Pay to continue" comment="subhead" text="Google Pay to continue">Google Pay to continue</cmsannotation> In February 2024, Google announced that it would replace the Google Pay app with the Google Wallet in the US. While Google has now launched the Google Wallet in India, the Google Pay app will continue to work as usual in the country. The Google Pay app already has a huge user base in the country, alongside PhonePe. As per NPCI data, over 5 billion transactions were done on Google Pay in April 2024. "Google Pay is not going anywhere. It will remain our primary payment app. Google Wallet is specifically tailored for non-payment use cases," Papatla added. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/google-has-silently-launched-the-pixel-8a-in-india-starting-at-52999/articleshow/109937286.cms">Google has quietly launched the Pixel 8a in India starting at ₹52,999</a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms">Top-selling cars in India in April 2024 – Tata Punch continues to dominate</a> <a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-grow-by-6-in-q1-2024-samsung-retakes-the-top-spot/articleshow/109817280.cms">Global smartphone shipments grow by 6% in Q1 2024, Samsung retakes the top spot</a>

Google Wallet launched in India – store your loyalty cards, boarding passes and more

<ul><li><keyword id="790242" type="General" weightage="20" keywordseo="whatsapp" source="Orion">WhatsApp</keyword> has started offering a cashback of ₹51 with no limit on the amount sent.</li><li>This feature is currently available to WhatsApp beta users on Android.</li><li>You can get the cashback up to five times, and by sending money to different contacts.</li></ul>WhatsApp started testing cashback for its UPI-based payments service last month. It has now started rolling out this feature to Android beta users on <a href="https://www.businessinsider.in/tech/news/whatsapp-could-soon-offer-cashback-for-payments-in-india/articleshow/86450568.cms" data-type="tilCustomLink">WhatsApp</a>. The new cashback offer seems like a new way for WhatsApp to push its payments service in India. The WhatsApp beta app on Android has started displaying a banner on top of the chat list with the message, “Give cash, get ₹51 back.” You can get a guaranteed cashback of ₹51 up to five times by sending money to different contacts. WhatsApp also hasn’t set a limit on the amount for this cashback offer. We can confirm this works so you can send ₹1 you still get ₹51 back. Once you make the payment, ₹51 is immediately credited to your account along with a notification from WhatsApp. <div type="image" title="whatsapp pay shortcut" msid="87357437" hostid="261" caption="&amp;lt;p&amp;gt;WhatsApp displays a banner about the cashback offer on the app.&amp;lt;/p&amp;gt;"></div> Although the cashback is guaranteed, it looks like you can avail it only five times. This feature is also available only to beta users and on Android. But considering it’s already available for beta users WhatsApp is expected to make it widely available for all users in India. <div type="image" title="Untitled design (7)" msid="87357454" hostid="261" caption="&amp;lt;p&amp;gt;WhatsApp sends a notification once the cashback amount is credited to your account.&amp;lt;/p&amp;gt;"></div> With the new feature, WhatsApp looks like it’s taking the Google Pay route to lure users into using the payments service. Google Pay also offered a cashback of up to ₹1,000 through scratch cards when it first launched in India. This scheme is still going on along with coupons for other services. WhatsApp also launched Google Pay-like background cards that add a little bit of colour and personalised experience to payments. It also added a payment shortcut button right on the chat bar of the app. The WhatsApp Pay shortcut is a rupee symbol button that is very prominent and you will most likely not miss. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/heres-how-you-can-secure-your-android-phones-and-tablets-to-stay-safe-from-privacy-threats/slidelist/87355923.cms" data-type="tilCustomLink">Here’s how you can secure your Android phones and tablets to stay safe from privacy threats</a> <a href="https://www.businessinsider.in/tech/mobile/news/best-smartphones-under-rs-25000-in-india/slidelist/87356343.cms" data-type="tilCustomLink">Best smartphones under ₹25,000 in India in October 2021</a>

WhatsApp offers ₹51 cashback as it takes on PhonePe and Google Pay in India

<ul><li>Apart from a slight dip as the nationwide lockdown started, UPI’s numbers had been growing constantly until January 2021.</li><li>While there’s no beating <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword>’s phenomenal growth in the space, what’s noticeable is <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword>’s rise in the segment.</li><li>Paytm’s growth in UPI comes as the payments method sees widespread adoption from merchants.</li></ul>With the COVID-19 pandemic, the move to digital has become even more important and with that, the growth of India’s financial technology players. Over the past one year, UPI or United Payments Interface, India’s burgeoning digital payments bet, has seen exponential growth and taking home the biggest shares in the market are players like PhonePe, Paytm and <keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword>. Apart from a slight dip as the nationwide lockdown started, UPI’s numbers had been growing constantly until January 2021. <div type="image" title="UPI 2020 final" msid="81527645" hostid="261"></div> But what’s interesting is how the top three players are vying for a bigger share of the market. <div type="image" title="upi apps 1" msid="81527655" hostid="261"></div> While there’s no beating PhonePe’s phenomenal growth in the space, what’s noticeable is Paytm’s rise in the segment, even while Google Pay, which was once the leader in UPI has been seeing its numbers decreasing for the past four months. <cmsannotation type="cmsannotation" annotationid="Merchants – the next big driver" comment="subhead" text="Merchants – the next big driver">Merchants – the next big driver</cmsannotation> Paytm’s growth in UPI comes as the payments method sees widespread adoption from merchants. And that’s also where the current market leader PhonePe has been winning the game. “Paytm has traditionally been much stronger in the P2M (peer to merchants) segment than the P2P (peer to peer) segment, as the usage of UPI starts to become more and more for commerce, that is where Paytm has gained. Google Pay has been a more consumer app, while PhonePe has been both. Ultimately, how much P2P payment will happen, what drives payments is commerce,” Shishir Mankad, head of financial services, Praxis Global Alliance told Business Insider. Narendra Yadav, Vice President, Paytm told Business Insider that P2M transactions are 70% of Paytm’s overall transactions, whereas for UPI overall that share is around 40%. But Yadav also said that the company’s dominance in merchants is not yet completely visible in UPI. “Our focus has been on merchants – online or offline. Whenever merchant transactions are increasing, Paytm will benefit. And after COVID-19, merchants have been moving to digital transactions where Paytm is also seeing huge growth,” he said. Business Insider has sent queries to Google Pay and PhonePe. We will update the copy if and when there is a response. <cmsannotation type="cmsannotation" annotationid="Success rate of UPI transactions" comment="subhead" text="Success rate of UPI transactions">Success rate of UPI transactions</cmsannotation> Paytm said that as per a NPCI report it registers the lowest technical decline rate of 0.01% as compared to all UPI remitter banks and 0.04% as compared to all UPI beneficiary banks. “Paytm’s success rate in UPI is much better, and there’s no one who comes closer to that,” said Yadav. However, Gupta believes that when compared to the likes of Google Pay the reasons are beyond the company. “The reason lies with banks and not Google Pay. Paytm has an advantage because it's a payments bank, so it controls the entire stack which basically means a lower failure rate. Having said that Google Pay works with three or four major banks and failure rates aren’t just dependent on banks but also NPCI’s UPI stack,” Arnav Gupta, analyst at Forrester told Business Insider. <cmsannotation type="cmsannotation" annotationid="Adopting new users in UPI" comment="subhead" text="Adopting new users in UPI">Adopting new users in UPI</cmsannotation> The acceleration in UPI also means new users and new payers being added to the ecosystem. And players have also been spending on marketing to get these users. Both Paytm and PhonePe have gone on to sponsor Indian Premier League, the glam cricketing tournament. “These numbers are dependent on the kind of marketing and ad spending these companies keep doing. Transactional volumes are always increasing, and with that the average transaction ticket size is also increasing. Digital adoption by the consumers is on the higher side especially due to the COVID-19 pandemic, a lot of new users and new payers were added to the ecosystem,” said Gupta. The Vijay Shekhar Sharma-led company had recently said that it processes 1.2 billion transactions in a month. In January 2021, Walmart-owned PhonePe had said it processes over a billion monthly transactions. “PhonePe now has more than 275 million lifetime registered users, which essentially means that one in every five Indians now has PhonePe. Our monthly transaction count is up nearly 100% year-over-year. Our monthly active users (MAU) has crossed 110 million monthly users with a very healthy 97% monthly customer repeat rate. Even in terms of monetary value, our annualised total payment volume (TPV) run rate has crossed the $300 billion mark,” PhonePe’s chief executive Sameer Nigam had said during Walmart’s fourth quarter earnings. Meanwhile, Paytm knows it has a long way to go in the UPI ecosystem. The $16 billion startup has also announced, on Monday, that its UPI handles have been approved by India stock regulator Securities and Exchange Board of India for users to pay for IPOs. And this is just one of the tricks that Paytm is using to leverage its other businesses. “Paytm has many businesses, and if they put their might behind this it will surely yield results. While in UPI, Paytm is a distant third, if you look at Paytm wallet to wallet transactions that’s very large but doesn’t get recorded as it doesn’t enter any settlement,” said Mankad. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/banks-are-not-liable-to-cough-up-payments-if-you-have-been-a-victim-of-fraud-or-scams/articleshow/81526097.cms">Banks are not liable to cough up payments if you have been a victim of fraud or scams</a> <a href="https://www.businessinsider.in/business/startups/news/cred-which-rewards-you-for-paying-your-credit-card-bills-is-reportedly-indias-latest-unicorn/articleshow/81523219.cms">CRED, which rewards you for paying your credit card bills, is reportedly India’s latest unicorn as its valuation more than doubles in two months</a>

Paytm is betting big on UPI and though it’s still a distant third, analysts believe it could have an edge over PhonePe and Google Pay

New Delhi, Mar 6 () Paytm Payments Bank took a dig on its rival PhonePe in the wake of obstructions it faced due to using cash-strapped Yes Bank platform for transactions. PhonePe founder and CEO Sameer Nigam said there has been an outage of service on its payment application due to restrictions on its banking partner Yes Bank and the service will be live soon. "Inviting you to @PaytmBank #UPI platform. It already has huge adoption and can seamlessly scale manifold to handle your business. Let's get you back up, fast!," Paytm Payments Bank tweeted. PhonePe shot back to say that Paytm Payments Bank platform is not seamlessly scalable otherwise the company would have themselves approached it. "Dear @PaytmBank Inviting you to consider that if your #UPI platform was so 'seamlessly scalable', we'd have called you ourselves. No point getting back up faster, if we have to desert our long term partners when they're down. Form is temporary, class is permanent," PhonePe's official twitter handle said. PhonePe, one of the country's largest digital payment platforms, is dependent upon Yes Bank to process its transactions. "We sincerely regret the long outage. Our partner bank (Yes Bank) was placed under moratorium by RBI. Entire team's been working all night to get services back up asap (as soon as possible)," Nigam tweeted on Friday morning. He added that the app hopes to be live in "a few hours". Yes Bank placed under a moratorium on Thursday evening, with the RBI capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board. The bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. For the next month, Yes Bank will be led by the RBI-appointed administrator Prashant Kumar, a former chief financial officer of SBI. According to the National Payments Corporation of India, several apps such as Flipkart, MakeMyTrip, Myntra, Jabong, Cleartrip, Airtel, Swiggy, Redbus, Hungerbox, MudraPay, Udaan, Microsoft Kaizala and PVR use Yes Bank's UPI platform. Digital payment gateway firm Instamojo said it has temporarily withheld payouts to merchants having Yes Bank accounts. "We will be temporarily withholding payouts to merchants having Yes bank accounts until further clarity on the situation. This is to ensure that no merchant's funds get blocked. As an alternate, we have provided our merchants the option to change their registered bank from Yes bank to another account," Instamojo Chief Executive Officer and co-founder Sampad Swain said. A Bharti Airtel official said there is no impact on the company's transaction as it uses many other payment gateways. E-commerce firm Myntra said, "Transactions on Myntra have not been impacted, except for payments through PhonePe. Our customers can continue to transact on Myntra using other UPI payment service provider apps in addition to credit and debit cards and net banking until services of PhonePe are restored." Start-up firm Kredx said that following the government's decision to impose a moratorium on Yes Bank on Thursday, the company has stopped all inward and outward transactions with the bank's with immediate effect. PRS KPM HRS

Paytm Payments Bank takes a dig on PhonePe over Yes Bank restrictions

New Delhi, Mar 8 () Digital payments platform PhonePe on Sunday said its transactions and user traffic have bounced back to normal, after being affected for 24 hours due to restrictions on Yes Bank. Over 25 million customers used the PhonePe app on Saturday showing their trust in the platform, according to a statement by the company. The digital payments platform has bounced back hard in the past 24 hours. The platform processed over Rs 4,000 crore worth of transactions in 24 hours and saw its largest-ever volume of user traffic in a single day (with over 70 million app sessions), it said. PhonePe saw a service outage for nearly 24 hours, which started immediately after the RBI placed Yes Bank on moratorium on March 5. The PhonePe team worked overnight with the National Payments Corporation of India (NPCI) and new UPI partner ICICI bank to ensure all its services are up within a day, the company said. All merchant payment settlements were restored by Friday noon and all consumer wallet, credit and debit card payments were restored by 3 pm. All UPI services were restored by Friday night, with PhonePe users continuing to use their UPI @ybl handles. This ensured that there was a seamless transition for all of its 20 crore customers, it added. Sameer Nigam, founder and CEO of PhonePe, said, "Friday was an extraordinarily difficult situation with little precedence. We are grateful to RBI, NPCI, Yes Bank and ICICI for working collectively to ensure that millions of our customers and merchants were not inconvenienced a minute longer than necessary." The outage on the PhonePe platform also led to playful banter between the company and its bigger rival Paytm. "Inviting you to @PaytmBank #UPI platform. It already has huge adoption and can seamlessly scale manifold to handle your business. Let's get you back up, fast!," Paytm Payments Bank tweeted on Friday. However, PhonePe shot back to saying Paytm Payments Bank platform is not seamlessly scalable otherwise the company would have themselves approached it. "Dear @PaytmBank Inviting you to consider that if your #UPI platform was so 'seamlessly scalable', we'd have called you ourselves. No point getting back up faster, if we have to desert our long term partners when they're down. Form is temporary, class is permanent," PhonePe reverted through a tweet. KPM HRS

Digital transaction traffic bounces back on PhonePe following service outage due to Yes Bank crisis

<a href="http://www.businessinsider.in/Flipkart-is-persuading-online-shoppers-to-pay-through-PhonePe/articleshow/53924458.cms" data-type="tilCustomLink" target="_blank">Mobile payments start-up PhonePe, which is owned by Flipkart, in partnership with Yes Bank launched unified payments interface (UPI) based payments app last week.</a> <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="PhonePe">PhonePe</keyword> app users can send or receive money to and from friends and family, without exchanging the bank account details.The app also offers features such as bill-split, mobile recharge and bill payments. Myntra cashback users will be PhonePe users automatically. Reports suggest that PhonePe will also be integrated with <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> Money. So what is PhonePe and how will it work? PhonePe allows you to link bank accounts securely to your smartphone using National Payments Corporation of India’s encrypted software. Once you get linked, you can transfer money or merchant payments by just entering a 4-6 digit MPIN. There is no OTP(One time password) required. If PhonePe works out well, it may help Flipkart reduce the number of cash transactions, while lowering transaction costs and making its supply chain more efficient for all its businesses. This is mainly why every e-commerce company wants to join the <keyword id="6358921" type="COMPANY" weightage="20" keywordseo="UPI">UPI</keyword> bandwagon. The National Payments Corporation of India (NPCI) started work on this technology in February 2015 and launched it this August. Wait, but what is UPI? <a href="http://www.businessinsider.com/india-devises-national-mobile-payments-ecosystem-2016-4?IR=T" data-type="tilCustomLink" target="_blank">United Payments Interface or UPI</a> was launched with much enthusiasm recently and 21 banks have already gone live with their offerings. UPI is a payments system simply- just like a demand draft, cheque, your debit or credit card, or a mobile wallet. It is based on the IMPS (Immediate Payment Service) system that you use with your netbanking app, except this is available 24x7, even on weekends and holidays. <a href="http://www.businessinsider.in/UPI-is-forcing-Paytm-MobiKwik-to-diversify-business/articleshow/52398329.cms" data-type="tilCustomLink">READ ALSO- UPI is forcing Paytm, MobiKwik to diversify business</a> Just like an ATM service, it is interoperable between banks whether Yes bank, ICICI bank or Axis Bank. Banks like SBI, Induslnd and HDFC are supposed to get on board by November UPI is only available for Andriod users as of now. You have to download the UPI app from Google Playstore, verify your phone number, and then link your bank account to the mobile app. After confirming your bank details, you can start using the app to send or receive money easily.After verification, you can send or receive funds up to Rs 1 lakh to or from any person or establishment after a request from the other person of the transaction who must also have a unique virtual address or ID. Currently, there aren't too many use cases for UPI yet but you can be expect to use it to do person to person transfers, directly to a bank account. Instances like paying your rent, and payment to shops that sell high value items, payments via bank transfers; will get more accessible. With Myntra adopting this technology, you can easily pay your COD orders via PhonePe app in person. Reports suggest that other Indian E-commerce giants such as Amazon, Snapdeal and PayTM are also expected to integrate UPI on their platform in the coming months. This can be the simple One Time Password to the inclusion we have been craving in the fin-tech space.

'Myntra cashback users are now on PhonePe'- Why every e-commerce company wants a bite of UPI.

Payments made via Unified Payments Interface (UPI) reported a 45% yearly growth, according to data from the National Payment Corporation of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>). The value of transactions also saw a growth of over 35%, totaling Rs 20.64 trillion. This marks the third consecutive month when total transactions exceeded Rs 20 trillion. In June 2024, the total UPI transaction value was Rs 20.07 trillion, while in May it was Rs 20.44 trillion. NPCI data also showed that the average daily transaction value through UPI in July 2024 was Rs 466 million, or about Rs 66,590 crore. Compared with June, the volume of <keyword id="19957378" type="General" weightage="100" keywordseo="UPI-transactions" source="keywords">UPI transactions</keyword> grew by 3.95% in July, while the value of transactions increased by 2.84%. In the first four months of the current fiscal year (2024-25), UPI recorded transactions amounting to Rs 80.79 trillion, across approximately 55.66 billion transactions. In 2023-24, total UPI transactions were 131 billion, compared to 84 billion in 2022-23. The monthly bulletin of the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) reported that over the last four years, UPI transactions have seen a ten-fold increase in volume, from 12.5 billion transactions in 2019-20 to 131 billion transactions in 2023-24, which accounts for 80% of the total digital payment volumes. Unified Payments Interface (UPI) transactions experienced substantial growth, increasing by 57% year-on-year in FY24. Within this segment, PhonePe and Google Pay dominated, holding a combined market share of 86%, according to the Boston Consulting Group's (BCG) Banking Sector Roundup for 2023-24. A shift in <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> was noted, with credit card transactions doubling over the past three years. In contrast, debit card transactions declined by 43% year-on-year. By making digital payment platform technology and device agnostic, UPI has contributed to <keyword id="20377974" type="General" weightage="20" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword> at the grassroots level. Digital payments in India are hitting fresh highs, as citizens increasingly adopt emerging modes of online transactions. One key emphasis of the Indian government has been to ensure that the benefits of UPI are not limited to India alone; other countries, too, can benefit from it. UPI is India's mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly using a Virtual Payment Address (VPA) created by the customer. The share of UPI in digital payments in India has reached close to 80% in 2023. Today, India accounts for nearly 46% of the world's digital transactions, based on 2022 data.

UPI transactions cross Rs 20 trillion for third successive month, in July 2024

<ul><li><keyword id="6358921" type="General" weightage="80" keywordseo="upi" source="Orion">UPI</keyword> clocked over 19.65 billion transactions in volume and Rs 32.5 lakh crore in terms of value.</li><li>The UPI transactions volume and value almost doubled since last year as it recorded about an 88 per cent increase in Q3.</li><li>The top three UPI apps in terms of volume and value were PhonePe, Google Pay and <keyword id="3236791" type="General" weightage="50" keywordseo="paytm-payments-bank" source="Orion">Paytm Payments Bank</keyword> App.</li></ul> The <keyword id="2736678" type="General" weightage="50" keywordseo="unified-payments-interface" source="Orion">Unified Payments Interface</keyword> (UPI), debit and credit cards, prepaid payment instruments like mobile wallets, and prepaid cards logged 23.06 billion transactions amounting Rs 38.3 lakh crore in the third quarter this year, a new report showed on Monday. At the top, the UPI clocked over 19.65 billion transactions in volume and Rs 32.5 lakh crore in terms of value. The UPI transactions volume and value almost doubled since last year as it recorded about an 88 per cent increase in volume and over 71 per cent increase in value in Q3 as compared to the same quarter last year, according to <keyword id="1925688" type="General" weightage="50" keywordseo="worldline-india" source="Orion">Worldline India</keyword>'s 'Digital Payments Report' for the third quarter. The top three UPI apps in terms of volume and value were PhonePe, Google Pay and Paytm Payments Bank App. The top five remitter Banks were <keyword id="6354731" type="General" weightage="50" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword>, <keyword id="6357149" type="General" weightage="50" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword>, Bank of Baroda, Union Bank, and ICICI Bank, whereas the top 5 beneficiary banks were Paytm Payments Bank, YES Bank, State Bank of <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, Axis Bank, and ICICI Bank. UPI person-to-merchant (P2M) and person-to-person (P2P) emerged as the most chosen payment method among consumers, accounting for 42 per cent of total transaction volume. This was followed by credit and debit card payments, which accounted for 7 per cent of volume and 14 per cent of value. "The swift adoption of digital payments can be witnessed with each passing quarter. Popular payment instruments like UPI, cards, PPIs are already clocking over 23 billion transactions in a quarter," said Ramesh Narasimhan, CEO, India, Worldline. Q3 data indicates healthy usage of credit cards and growth in the average ticket size. For credit cards, it is Rs 4,833; for debit cards, it is Rs 2,073; for UPI P2M, it is Rs 738; for UPI, P2P it is 2,576; for prepaid cards, it is 473; and for M-wallet, it is Rs 382. The total transaction between credit cards and debit cards comes to around 65 per cent and the remaining 35 per cent has been shared between UPI P2P, UPI P2M, and prepaid cards, the report showed. As of September 2022, the overall number of POS terminals installed by merchant-acquiring banks had surpassed 7 million. In Q3 2022, POS deployment increased by more than 41 per cent reaching 7.03 million, when compared to the same quarter of the previous year. In the online space, e-commerce (shopping for goods and services), gaming, utility and financial services contributed to over 86 per cent of the transaction in terms of volume and 47 per cent in terms of value. By the end of the third quarter, there were 1.01 billion credit and debit cards in circulation. Credit card volume and value were 725 million and Rs 3.5 lakh crore in Q3 2022, respectively. In the third quarter of 2022, the volume and value of debit card transactions were 907 million and Rs 1.88 lakh crore, respectively, the report said. At least 58.78 million FASTags have been issued till September, with 36 banks. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/kolkata-hyderabad-and-pune-remain-indias-most-affordable-residential-cities-jll/articleshow/96001910.cms">Kolkata, Hyderabad and Pune remain India’s most affordable residential cities: JLL</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/go-after-big-smugglers-sending-mountains-of-illegal-drugs-into-the-country-fm-to-enforcement-agencies/articleshow/96001566.cms">Go after big smugglers sending 'mountains' of illegal drugs into the country: FM to enforcement agencies</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/gadgets/news/upcoming-new-games-in-2023/articleshow/95999256.cms">Top upcoming games in 2023: Here’s what PC, PlayStation, and Xbox users should expect</a>

You Searched For "phonepe credit card" and got 8 results

Google Wallet launched in India – store your loyalty cards, boarding passes and more

Sourabh Jain

WhatsApp offers ₹51 cashback as it takes on PhonePe and Google Pay in India

Marcia Sekhose

Paytm is betting big on UPI and though it’s still a distant third, analysts believe it could have an edge over PhonePe and Google Pay

Sanchita Dash

Paytm Payments Bank takes a dig on PhonePe over Yes Bank restrictions

PTI

Digital transaction traffic bounces back on PhonePe following service outage due to Yes Bank crisis

PTI

'Myntra cashback users are now on PhonePe'- Why every e-commerce company wants a bite of UPI.

Tanya Dubey

UPI transactions cross Rs 20 trillion for third successive month, in July 2024

ANI

Digital payments in India touch Rs 38.3 lakh cr at over 23 bn transactions

IANS

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