🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

Paytm UPI payments drop further in March; PhonePe, Google Pay show gains

Economic TimesEconomic Times · 1y ago
Paytm UPI payments drop further in March; PhonePe, Google Pay show gains
Medial

Paytm, a leading digital payments company, experienced a slight decline in Unified Payments Interface (UPI) transactions in March. While Paytm processed around 1.2 billion UPI transactions, down from 1.3 billion in February and 1.4 billion in January, its competitors PhonePe and Google Pay saw an increase in transaction volumes. Google Pay processed 5 billion transactions in March, while PhonePe processed 6.5 billion transactions. Paytm has been steadily losing market share on UPI and has shifted its UPI payments to four large banks. Overall, UPI payments rose to 13.4 billion in March. NPCI is closely monitoring the market share dynamics as there is a regulatory mandate to restrict any single payment application from exceeding 30% market share on UPI.

PhonePe’s merchant app MAUs on rise as Paytm falls behind

EntrackrEntrackr · 1y ago
PhonePe’s merchant app MAUs on rise as Paytm falls behind
Medial

Digital payments platform PhonePe has managed to eclipse its arch rival Paytm by a decent margin in terms of monthly active users of its merchant app, according to data sourced from App Annie. The data was recorded between mid January to mid March. Paytm lost 20% MAU in the last quarter (between January and March), while PhonePe gained 20% during the same period. Roughly, Paytm’s MAUs stood at 9 million in March whereas PhonePe had around 11 million, as per the data. As of 2023, PhonePe and Paytm had over 37 million registered merchants base each. The recent actions by the Reserve Bank of India against Paytm appears to be the primary reason behind this as the company saw a sharp fall in active users after January this year. To recall, RBI had imposed restrictions on Paytm due to concerns regarding breach of and compliance with regulatory norms in January. However, Paytm later received permission from the National Payments Corporation of India (NPCI) to participate in UPI through the Third-Party Application Provider (TPAP) under the multibank model. This move enabled Paytm users and merchants to continue using UPI services, including autopay mandates, without interruption. A separate report also suggested that RBI’s diktat on Paytm has triggered a major shift in the digital payments landscape for kirana stores. The report citing a survey, conducted by Kirana club, revealed that more than 40% kirana stores have already switched from Paytm to other alternatives such as PhonePe, BharatPe and GooglePay. As per the survey, the exodus was likely to go up in coming months. PhonePe and Paytm did not comment on the story. Besides PhonePe, Khatabook’s merchant app also saw a sharp growth in terms of active users while BharatPe for Merchants remained flat in the past couple of months, as per App Annie data. Interestingly, the active users of Khatabook’s merchant app were inching closer to Paytm as of mid-March. Among the UPI-based consumer facing payments apps, PhonePe is far ahead of its peers and controls nearly 50% market share followed by Google Pay and Paytm Payments Bank with around 35% and 12% market share respectively.

PhonePe widens lead over G-Pay in March; CRED’s UPI ranking slips to 7th

EntrackrEntrackr · 3m ago
PhonePe widens lead over G-Pay in March; CRED’s UPI ranking slips to 7th
Medial

PhonePe widens lead over G-Pay in March; CRED’s UPI ranking slips to 7th While the top five UPI apps — PhonePe, Google Pay, Paytm, Navi, and Super.money — maintained their positions, CRED dropped to seventh place, overtaken by Axis Bank. The Unified Payments Interface (UPI) recorded a 13.6% increase in volume in March, reaching 18.30 billion transactions. While the top five UPI apps — PhonePe, Google Pay, Paytm, Navi, and Super.money — maintained their positions, CRED dropped to seventh place, overtaken by Axis Bank. This follows a similar shift in February, when Super.money replaced CRED in the top five rankings. Axis Bank moved ahead of CRED after recording 125 million B2C transactions in March. In the UPI system, B2C (business-to-customer) transactions include payments like refunds, salaries, or cashback that businesses send to customers. With a commanding 47.25% market share by transaction volume, PhonePe retained its top position by processing 8.64 billion transactions. Google Pay followed closely with 36.04%, handling 6.59 billion transactions. Together, the two giants controlled over 83% of the UPI transaction volume. Paytm, the third largest player, contributed a 6.67% share (1.22 billion transactions). In terms of transaction value, PhonePe again led with a 50.76% market share, handling over Rs 12.57 lakh crore, followed by Google Pay at 34.99% (Rs 8.66 lakh crore). CRED, despite a modest volume share of 0.79%, emerged as a high-value player and contributed Rs 55,091.22 crore, or 2.22% of the total value. This reflects the firm’s positioning among high-value users. Other apps like Amazon Pay, ICICI Bank, and Axis Bank had a relatively minor presence in terms of both volume and value but still catered to specific user segments. In a recent development, the Indian government approved a new scheme with a budget of Rs 1,500 crore to encourage small merchants to use digital payments through the BHIM-UPI platform.

Download the medial app to read full posts, comements and news.