“UPI P2M transaction value exceeded total credit and debit card spending for the fourth month running. The share of P2M transactions was up from 16.6% to 18% YoY in value. Wallets are picking up traction again (+35% YoY, by value). We think the bounce-back comes from Paylater fintechs disbursing credit through the wallet/PPI route,” wrote a Bernstein analyst in a note to clients last month.

https://techcrunch.com/2022/07/13/indian-fintech-onecard-tops-1-4-billion-valuation-in-fresh-funding/