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UPI sets new record in May with 14 billion transactions worth over Rs 20 trillion
Entrackr
·
1y ago
Medial
Unified Payments Interface (UPI) has set another record as it processed more than 14 billion transactions worth Rs 20.45 lakh crore or Rs 20.45 trillion in May, according to data issued by the National Payments Corporation of India (NPCI). UPI saw a 5% jump in volume and a 4% surge in value of transactions in May compared to April. This is a new high in terms of volume and value for UPI which began its operations in April 2016. Last month, the volume of transactions declined by 1% to 13.3 billion from 13.44 billion in March. The total transaction value in the same period also fell 0.7% to Rs 19.64 trillion from Rs 19.78 trillion. The transaction count is expected to rise in the coming months as NPCI is expanding UPI services to more countries. Besides India, it is also available in countries such as Singapore, Malaysia, UAE, France, Nepal, UK, Mauritius, and Sri Lanka. Going forward, the Reserve Bank of India along with NPCI have plans to take UPI to 20 countries by FY29. In its annual report, RBI also said that nearly four out of five digital payments in the country were conducted on the UPI in FY24. As of April, PhonePe had 48.87% market share in the UPI ecosystem. This was followed by Google Pay and Paytm which controlled 37.5% and 8.3% market share in UPI respectively. Value wise, PhonePe had close to 51% market share followed by Google Pay and Paytm with 35% and 5% share respectively. The break up data for May is yet to be released by NPCI. NPCI is reportedly considering reviewing its decision to implement a 30% cap on the market share of UPI apps by the end of 2024. Meanwhile, industry stalwarts Adani Group and Mukesh Ambani-backed Reliance Group are also gearing up to enter the UPI and digital bank ecosystem. As per media reports, Adani Group is considering seeking for a license to operate on the UPI while Jio Financial announced a new app called JioFinance.
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UPI in May: PhonePe maintains domination, Paytm sees marginal growth
Entrackr
·
1y ago
Medial
Digital payments platform PhonePe has maintained its top position in the Unified Payments Interface (UPI) ecosystem with a market share of more than 48% in May 2024. In May, UPI set a new record by processing more than 14 billion transactions worth Rs 20.45 lakh crore or Rs 20.45 trillion for the first time since its inception in 2016. As per the data issued by the National Payments Corporation of India (NPCI), PhonePe recorded 6.8 billion transactions via UPI out of the total transactions of 14 billion in the last month. Google Pay and Paytm processed 5.2 billion and 1.14 billion transactions, respectively. While PhonePe processed Rs 10.33 lakh crore (Rs 10.33 trillion) in May, Google Pay and Paytm’s value of transactions were recorded at Rs 7.2 lakh crore (Rs 7.2 trillion) and Rs 1.24 lakh crore (Rs 1.24 trillion, respectively. With this, PhonePe controls 48.6% market share by volume and Google Pay has 37% whereas Paytm has 8%. Value wise, the market share of the trio stood at 50.5%, 35% and 6%, respectively. The breakup of market share in April was almost the same. Paytm saw a marginal increase in its transactions in May after facing a decline for consecutive three months (February, March and April). This is a good sign for the company which had to go through restrictions imposed by the Reserve Bank of India earlier this year. In the past few months, UPI saw a new trend with the government-promoted BHIM has been in continuous decline. Moreover, CRED, Amazon Pay, WhatsApp and NAVI have recorded more transactions than the former. Notably, Fampay has recorded 50 million transactions in the last month, more than double to BHIM. As reported earlier, NPCI is also considering reviewing its decision to implement a 30% cap on the market share of UPI apps by the end of 2024. The decision will impact the transaction volume of third party apps like PhonePe and Google Pay.
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UPI transactions cross 11 Bn for second month in November
Entrackr
·
1y ago
Medial
In November, India's Unified Payments Interface (UPI) recorded 11.24 billion transactions worth Rs 17.40 lakh crore (Rs 17.40 trillion), a slight dip from the previous month. This marks the second time UPI crossed the 11 billion transaction mark in a month. PhonePe emerged as the leading contributor to UPI transactions with over 5 billion transactions in October. Google Pay and Paytm followed with 4.13 billion and 1.41 billion transactions respectively. UPI has expanded its operations globally, entering countries like France, Bhutan, Nepal, Singapore, and soon Sri Lanka and the UAE. NPCI has also mandated third-party UPI apps to deactivate inactive UPI IDs and numbers.
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NPCI chief sets ambitious new target of 100 billion transactions per month
Economic Times
·
1y ago
Medial
Dilip Asbe, CEO of the National Payments Corporation of India (NPCI), has set a new target for India's payment vision of achieving 100 billion transactions per month. This ambitious goal comes as India's digital payment ecosystem continues to expand. In August alone, transactions using the Unified Payments Interface (UPI) reached 2.5 billion, with UPI transaction values consistently surpassing Rs 20 lakh crore. Asbe also noted the significant growth in credit line transactions using UPI, reaching Rs 10,000 crore.
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UPI transaction crosses 10 Bn for second consecutive month
Entrackr
·
1y ago
Medial
The Unified Payments Interface (UPI) has crossed 10 billion transactions for the second consecutive month, recording 10.56 billion transactions worth Rs 15.8 lakh crore (Rs 15.8 trillion) in September. The transaction volume remained flat compared to August, but industry experts anticipate increased UPI adoption in the future, potentially reaching 1 billion transactions per day. PhonePe currently holds 47% market share in terms of volume, with Google Pay and Paytm also recording significant transaction numbers. The UPI service has expanded to several countries and recently launched India's first UPI-ATM.
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UPI sets new record with more than 15 Bn transactions in Sept
Entrackr
·
11m ago
Medial
Unified Payments Interface (UPI) has achieved a significant milestone by processing over 15 billion transactions in a month for the first time in September. Data published by the National Payments Corporation of India (NPCI) indicates that UPI recorded 15.04 billion transactions valued at Rs 20.64 lakh crore or Rs 20.64 trillion. In August, the number of transactions stood at 14.96 billion, amounting to Rs 20,60,735.57 crore. This reflects a 0.5% month-on-month growth and a 42% year-on-year increase. Notably, UPI surpassed the 10 billion transaction mark for the first time in August of last year. As a result, average daily transactions have also exceeded 500 million. According to UPI data analyzed by Entrackr, UPI reached 500 million daily transactions for the first time on July 2, 2024. While the app-wise breakdown data is yet to be published by NPCI, PhonePe held a 48.36% market share by volume in August, followed by Google Pay with 37.3% and Paytm with 7.21%. CRED has emerged as the fourth largest player in UPI transactions, with new entrants like Flipkart, NAVI, and BharatPe also making strides in the consumer-facing payments sector. Sources from Entrackr indicate that Infibeam Avenues is set to enter the UPI market with its new payment app, RediffPay. In addition to its growth in India, NPCI has launched instant payment services in various countries, including Singapore, France, Mauritius, Nepal, Bhutan, Sri Lanka, and the UAE.
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UPI in June: PhonePe, Google Pay see marginal decline, Paytm records flat growth
Entrackr
·
1y ago
Medial
Digital payments platforms PhonePe and Google Pay saw a marginal decline in their total volume and value processed through Unified Payments Interface (UPI) in June while the third largest player Paytm recorded a flat growth in the last month. Overall, UPI saw a marginal dip of 1% in total transaction volume to 13.9 billion in June from 14 billion in May. During the period, the transaction value also reduced by a thin margin to Rs 20.07 lakh crore from Rs 20.45 lakh crore. As per data disclosed by NPCI, PhonePe processed 6.7 billion transactions worth Rs 10.09 lakh crore in June while Google Pay and Paytm’s transactions were recorded at 5.1 billion worth Rs 7.07 lakh crore and Rs 1.1 billion worth Rs 1.2 lakh crore respectively. Volume wise, PhonePe had 48.3% market share in UPI in June followed by Google Pay and Paytm with 36.7% and nearly 8% market share. In May, PhonePe processed Rs 10.33 lakh crore whereas Google Pay and Paytm’s value of transactions were recorded at Rs 7.2 lakh crore and Rs 1.24 lakh crore, respectively. In terms of volume, the trio registered 6.8 billion, 5.2 billion and 1.14 billion transactions, respectively. Paytm, which is supported by partnerships with major banks like Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank for UPI, has retained its market share for two consecutive months in the UPI ecosystem despite facing restrictions on onboarding new users. A bunch of new players such as CRED, NAVI, Groww, Slice and recently launched Flipkart UPI are also clocking decent volumes in UPI. According to the NPCI data, CRED has emerged as the fourth largest player in processing UPI payments. Interestingly, it has surpassed Amazon Pay, WhatsApp and BHIM and processed more than one third of Paytm’s value of transactions in the last month. Recently, NPCI chief operating officer (COO) Praveena Rai said that UPI is adding up to 6 million new users every month. NPCI has also set an ambitious target of achieving 1 billion transactions per day in the coming years.
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UPI crosses 11 Bn transactions for the first time in October
Entrackr
·
1y ago
Medial
The Unified Payments Interface (UPI) achieved a significant milestone in October, crossing 11 billion transactions in a month with a growth in transaction value. The data released by the National Payments Corporation of India (NPCI) indicates that UPI recorded 11.41 billion transactions worth Rs 17.16 lakh crore (Rs 17.16 trillion). This marks an 8% increase in volume and an 8.6% surge in value compared to September. PhonePe has maintained its lead position in the UPI ecosystem, with Google Pay and Paytm trailing behind in terms of transaction volume and value.
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IPO-bound PhonePe, Google Pay maintain UPI ecosystem dominance in May
Economic Times
·
2m ago
Medial
In May, PhonePe and Google Pay maintained dominance in India's Unified Payments Interface (UPI) ecosystem. PhonePe captured about 50% of UPI market volume and value with 8.7 billion transactions worth Rs 12.56 lakh crore. Google Pay handled 6.7 billion transactions amounting to Rs 8.85 lakh crore, securing the second position. Together, these platforms significantly contributed to UPI’s overall transactions, reflecting their leading roles in the country's digital payment landscape.
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Groceries, supermarkets lead UPI merchant payments in July; debt collection tops by value - The Economic Times
Economic Times
·
19d ago
Medial
In July, grocery and supermarket transactions dominated India's Unified Payments Interface (UPI) merchant payments, with 3.03 billion transactions totaling Rs 64,882 crore. Debt collection agencies led in value, collecting Rs 93,857 crore. UPI merchant payments (P2M) reached 12.38 billion transactions worth Rs 7.34 lakh crore, while total UPI volumes, including P2P, hit 19.47 billion worth Rs 25.08 lakh crore. Axis Bank processed the highest transaction volume, and digital payment channels like IMPS and AePS also grew.
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PhonePe, G-Pay lead UPI in Nov; Flipkart's super.money overtakes Amazon Pay
Entrackr
·
8m ago
Medial
Unified Payments Interface (UPI) recorded a 6.6% decline in transaction count (15.48 billion) and an 8.3% decrease in transaction value (Rs 21.55 lakh crore) in November compared to October. The top UPI apps also saw a slight decline in their volume and value, while a few new players have improved their positions in the competitive landscape. Despite the overall decline, PhonePe maintained its dominance in the UPI market with 7.4 billion transactions amounting to Rs 10,88,635.03 crore. The platform held 47.82% of the transaction volume and 50.52% of the transaction value. Google Pay followed as the second-largest UPI player, processing 5.7 billion transactions worth Rs 7,64,639.66 crore, capturing 37.07% of the volume and 35.48% of the value. Paytm (OCL) retained its position as the third-largest player, facilitating over 1 billion transactions worth Rs 1,18,004.06 crore. It accounted for 6.95% of the total UPI transaction volume and 5.48% of the transaction value. Notably, Navi maintained its lead over Cred to secure the fourth position in terms of transaction volume. The app processed 152.95 million transactions valued at Rs 8,806.45 crore. Cred, which previously held the position, reported 138.24 million transactions totaling Rs 50,560.48 crore. Axis Bank Apps supported 22.20 million transactions worth Rs 4,151.71 crore, while Flipkart’s super.money handled 78.49 million transactions valued at Rs 3,130.10 crore. Amazon Pay recorded 71.60 million transactions worth Rs 7,914.87 crore. This is the first time super.money has surpassed its rival Amazon Pay in UPI transactions. The app was launched in June this year. FamApp by Trio processed 67.41 million transactions amounting to Rs 777.46 crore, and ICICI Bank Apps rounded off the top 10 with 51.13 million transactions valued at Rs 18,538.92 crore. The top three players—PhonePe, Google Pay, and Paytm (OCL)—continue to dominate the UPI market with a combined share of over 90% in both transaction volume and value. To promote digital transactions, the Reserve Bank of India (RBI) has further raised the UPI Lite wallet limit to Rs 5,000 and increased the per-transaction limit to Rs 1,000.
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