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UPI transactions near 17 Bn in January

EntrackrEntrackr ยท 5m ago
UPI transactions near 17 Bn in January
Medial

UPI transactions near 17 Bn in January The Unified Payments Interface (UPI) recorded 16.99 billion transactions worth Rs 23.48 lakh crore in January, reflecting a 39% year-on-year growth in transaction volume and a 28% increase in transaction value. On a monthly basis, UPI saw a 1.55% growth in volume and nearly a 1% rise in value, compared to 16.73 billion transactions worth Rs 23.25 lakh crore in December. According to data released by the National Payments Corporation of India (NPCI), the average daily transaction count stood at 548 million. PhonePe currently leads the UPI market with a 47.7% share of transaction volume, followed by Google Pay at 36.7% and Paytm at 6.87%. This market share distribution is unlikely to change soon, as NPCI has extended the compliance timeline for Third-Party App Providers (TPAPs) exceeding the UPI volume cap. The new deadline has been extended by two years, until December 31, 2026. Meanwhile, NPCI has lifted the user onboarding limit for WhatsApp Pay, allowing the platform to offer UPI services to its entire user base across India. Recently, NPCI Chief Dilip Asbe disclosed that approximately 450 million users are currently utilizing UPI, with around 200 million daily active users. He emphasized the need for substantial support from the Reserve Bank of India (RBI), the government, and the broader financial ecosystem to explore strategies for onboarding an additional 200-300 million users onto the UPI platform.

UPI Transactions See Marginal Dip To 1,330 Cr In April

Inc42Inc42 ยท 1y ago
UPI Transactions See Marginal Dip To 1,330 Cr In April
Medial

In April, the transaction volume for Unified Payments Interface (UPI) in India reached INR 19.64 Lakh Cr, slightly lower than the previous month's INR 19.78 Lakh Cr. However, it increased by 40% compared to April of the previous year. UPI transactions decreased by 1% MoM to 13.30 Bn in April. On a YoY basis, the transaction count surged 50%. The Indian payment infrastructure has expanded globally, entering markets such as Nepal, France, and New Zealand. Efforts are being made by the National Payments Corporation of India (NPCI) to boost UPI adoption through new features and services. The NPCI is also considering lower interchange fees for UPI transactions and revising its decision on the market share cap for payment players.

UPI transactions surge 8% in December

EntrackrEntrackr ยท 6m ago
UPI transactions surge 8% in December
Medial

UPI transactions surge 8% in December Unified Payments Interface (UPI) recorded 16.73 billion transactions worth Rs 23.25 lakh crore in December, marking an 8% increase in volume and a 7.88% rise in value compared to November. On a year-on-year basis, this reflects a 39% year-on-year (YoY) growth in volume and a 28% increase in value, according to data released by NPCI (The National Payments Corporation of India). The average daily transaction count for December was 540 million, with a total daily transaction value of Rs 74,990 crore. In November, the daily average transaction count was 516 million, with a daily transaction value of Rs 71,840 crore. This upward trend continued from October 2024, when UPI processed 16.58 billion transactions worth Rs 23.50 lakh crore. PhonePe currently leads the UPI market with nearly 48% share by transaction volume, followed by Google Pay at 37% and Paytm at 7%. The market share is unlikely to change as NPCI has extended the compliance timeline for Third Party App Providers (TPAPs) exceeding the volume cap in UPI. The deadline has been extended by two years, until December 31, 2026. Meanwhile, NPCI has lifted the user onboarding limit for WhatsApp Pay, allowing the platform to extend UPI services to its entire user base across the country. Currently, UPI payments are accepted in seven countries, including Bhutan, Mauritius, Nepal, Singapore, Sri Lanka, and France. According to media reports, NPCI is working to expand its services to Qatar, Thailand, and the broader Southeast Asian region.

PhonePe captures 50% UPI market share by value in August

EntrackrEntrackr ยท 10m ago
PhonePe captures 50% UPI market share by value in August
Medial

PhonePe has captured over 50% of the market share in UPI transaction volume as of August, according to data from the National Payments Corporation of India (NPCI). The Walmart-controlled payments firm continues to maintain a strong lead over competitors like Google Pay and Paytm. UPI registered 14.96 billion transactions worth Rs 20,60,735.57 crore in August. Out of this, PhonePe alone recorded 7.23 billion transactions amounting to Rs 10,33,264.34 crore, translating to a 48.36% market share by volume and a 50.14% market share by value. In August, Google Pay recorded 5.59 billion transactions totaling Rs 7,42,223.07 crore, while Paytm processed transactions worth Rs 1,13,672.16 crore. Google Pay held a market share of 37.3% by volume and 36% by value, whereas Paytm captured a market share of 7.21% by volume and 5.51% by value. In July, PhonePe, Google Pay, and Paytm held market shares of 48.3%, 37%, and 7.82% by transaction volume, respectively. While PhonePe and Google Pay saw increases in their transaction numbers, Paytmโ€™s growth slowed down during the last month. Emerging players such as CRED, Navi, and Fampay are capturing market share from the leading firms. For example, CRED processed 147 million transactions, while Navi and Fampay handled 88 million and 57 million transactions, respectively. UPI is nearing 500 million transactions per day, and NPCI Chief Dilip Asbe already predicted that the platform will reach 1 billion transactions daily by 2026-27. Meanwhile, NPCI has raised the upper limit for UPI transactions to Rs 5 lakh for specific types of payments, including tax payments, payments to hospitals and educational institutions, as well as investments in IPOs and RBI retail direct schemes. The high market concentration with the top three players does not augur well for any significant change in the market when it comes to any significant monetization, one would imagine. Especially when two of the top three happen to be foreign owned. That is not what the smaller players, and many other fintechs looking for a more viable use case in the UPI payments ecosystem want. Not to mention the credit card segment which continues to cede ground to UPI. For the fiscal year ending in March 2024 (FY24), NPCIโ€™s revenue from operations spiked to Rs 2,876 crore from Rs 2,065 crore in FY23 while its profit surged to Rs 1,134 crore from Rs 828 crore during the same period.

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