In charts: UPI emerges as most preferred payment mode with market share of 64% in first quarter of 2022

Not only did transactions enabled by Unified Payments Interface or UPI cross above Rs 10 lakh crore in June for the second month in a row, but in the first quarter of 2022, UPI has clocked over 14.55 billion transactions in volume and Rs 26.19 trillion in terms of value, according to theIndia Digital Payments Report’ report by Worldline.
UPI transactions volume and value has almost doubled since last year recording about 99% increase in volume and over 90% increase in value compared to Q1 2021.
As of Q1 2022, the top UPI Apps in terms of volume were PhonePe, Google Pay, Paytm Payments Bank App, Amazon Pay, Axis banks App while top PSP UPI Players were YES Bank, Axis Bank, State Bank of India, HDFC Bank and Paytm Payments Bank.