Unified Payments Interface (UPI) transaction volume and worth have witnessed a contraction in February 2021 — the initial time due to the fact April final year. From 2302.73 million transactions involving Rs 4,31,181.89 crore processed in January 2021, the quantity of transactions declined to 2,292.90 million worth Rs 4,25,062.76 crore in February 2021, according to the information from the National Payments Corporation of India (NPCI). UPI transactions in April final year had declined to 999.57 million amounting to Rs 1,51,140.66 crore from 1,246.84 million transactions worth Rs 2,06,462.31 crore in the preceding month.
However, the year-on-year development in UPI transactions stood at 73 per cent in February 2021 even as the worth practically doubled by 91 per cent. February 2020 volume stood at 1,325.69 million transactions worth Rs 2,22,516.95 crore. The quantity of banks going live on UPI also enhanced from 146 in February 2020 to 213 in February 2020. UPI transactions had ended 2020 on a higher note with the total worth storming previous the Rs 4-lakh-crore mark in December to Rs 4.16 lakh crore across 2,234.16 million transactions.
Also study: IPO-bound Flipkart rejigs leadership appoints Unilever veteran Hemant Badri as Senior VP Supply Chain
While the NPCI is however to release bank and app-sensible information for their February UPI transactions, Walmart-owned PhonePe had remained the major UPI-app in terms of volume and worth in January 2021. The organization had processed 968.72 million transactions involving practically Rs 1.92 lakh crore. In truth, PhonePe’s volume was more than one hundred million transactions greater than Google Pay’s 853.53 million transactions worth Rs 1.77 lakh crore. On the other hand, Paytm Payments Bank had remained the distant third player with a volume of 332.69 million worth Rs 37,845.76 crore. The combined transaction volume of the 3 major UPI apps stood at 93.5 per cent share of the total January volume of 2,302.73 million when the worth share stood at 94.5 per cent of Rs 4.31 lakh crore.
Importantly, amongst India’s best 30 UPI remitter banks witnessing UPI transaction failures due to technical factors, public sector lender Union Bank of India had the highest failure in January. From 10.75 per cent technical decline (TD) in December, the failure price jumped to 12.89 per cent in January for Union Bank of India. Andhra Bank and Indian Bank recorded the second and third highest TD price of 10.40 per cent and 9.83 per cent respectively in January.