The fintech firm processed round 1.2 billion UPI transactions in March, down barely from 1.3 billion transactions in February and 1.4 billion in January.
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Its two bigger friends PhonePe and Google Pay, nonetheless, noticed the quantity rely going up. In March, Google Pay processed 5 billion transactions, up 6.3% from 4.7 billion in February and 4.4 billion in January, whereas PhonePe processed 6.5 billion transactions in March, up 5.2% from 6 billion in February and 5.7 billion the month earlier than.
Paytm Funds Financial institution, an affiliate entity of Paytm, stopped providing fundamental banking providers in the course of final month. Whereas Paytm has shifted its UPI funds to 4 giant banks — Sure Financial institution, Axis Financial institution, HDFC Financial institution and State Financial institution of India — it has been steadily dropping market share on UPI, the nation’s hottest shopper cost mode.
Total, UPI funds rose to 13.4 billion in March in comparison with 12 billion in February, per NPCI knowledge.
With Paytm witnessing a slowdown, NPCI is watching the market share dynamics very intently. There’s a regulatory mandate to limit any single cost utility from having a market share breaching 30% on UPI, which must be carried out by the tip of this 12 months.
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ET wrote on March 5 that NPCI performed conferences with giant fintechs who’ve negligible market share on UPI to search out methods of boosting their transaction numbers. As of March, PhonePe has round 48% market share on UPI, adopted by Google Pay with 37% share and Paytm with 9% market share.
Past the highest three fintechs, no different participant has been in a position to report any sizable scale on UPI. Cred is the fourth largest UPI app with 132 million transactions reported in March.
