In response to information shared by Nationwide Funds Company of India (NPCI), Paytm reported round 1.3 billion transactions on UPI, a 7.6% drop from 1.4 billion in January.
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Its share of UPI funds in February decreased to lower than 11%, from round 11.8% the month earlier than. The fintech has seen its share declining, with its share available in the market being 12.8% in August final yr.
In February, a shorter month, the general UPI volumes stood at 12.1 billion in comparison with 12.2 billion in January.
At a time when Paytm noticed its volumes drop, two main rivals PhonePe and Google Pay noticed a pointy uptick in transactions. In February, PhonePe reported 6.1 billion transactions, whereas Google Pay reported 4.7 billion UPI funds. Each noticed their numbers bounce 7.7% and seven.9% respectively.
Business insiders highlighted some developments round sure transactions transferring away from Paytm to its two main rivals. The positive aspects of the opposite gamers on this house have been negligible, information exhibits.
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On January 31, the RBI requested Paytm Funds Financial institution to halt primary banking providers by the top of February, which was pushed to March 15. RBI has allowed Paytm, which is an affiliate entity of the financial institution, to proceed operating UPI funds as a 3rd celebration cost software identical to Amazon Pay, PhonePe and the like.
