A report by Worldline India has revealed that Unified Payments Interface (UPI) remained the most preferred payment mode in 2021 among consumers. Collectively digital payments volume and value via mobile wallets, cards, and prepaid cards and unified payment interface peer-to-merchant (P2M) transactions were recorded at 28.43 billion and Rs 32 trillion respectively, with UPI being the most preferred payment mode among consumers.
UPI recorded a 105 percent surge in volume and a 111 percent increase in value compared with 2020. The report further said that in December 2021, 62 percent of transactions were P2P and 38 percent were P2M out of the total UPI volumes.
The report also said that 75 banks had entered into the UPI ecosystem, bringing the total number of banks providing UP services to 282. It highlighted a significant point that UPI P2M transactions have remarkably reduced the share of card and other payments. The leading UPI remitter banks were HDFC Bank, State Bank of India, ICICI Bank, Bank of Baroda, and Union Bank.
