PhonePe, Google Pay, and Paytm Payments Bank with each other had a lion’s share of 89 per cent in total UPI volume and 93 per cent share in worth terms for December 2020.
WhatsApp Payments, which went live in December 2020 for up to 20 million customers, has grown by more than 2X in UPI transactions volume and worth as effectively from November, according to the most current information released by the National Payments Corporation of India (NPCI). WhatsApp Payments UPI volume was up from .31 million transactions (3.1 lakh) worth Rs 13.87 crore in November 2020 to .81 million (8.1 lakh) involving Rs 29.72 crore in December. WhatsApp Payments is the most current entrant in the UPI apps segment that is presently led by PhonePe, Google Pay, and Paytm Payments Bank. PhonePe was on leading of the table in December with 902.03 million transactions worth Rs 1.82 lakh crore processed up from 868.4 million transactions worth Rs 1.75 lakh crore processed in November.
Google Pay slipped to the second spot in December with 854.49 million transactions involving Rs 1.76 lakh crore down from 960 million transactions in November even as the worth was up from Rs 1.61 lakh crore. Paytm Payments Bank remained at a distant third spot amongst UPI apps with 256.36 million transactions involving Rs 31,291.83 crore in December from 260.09 million transactions worth Rs 28,986.93 crore in November. Amazon’s payment vertical Amazon Pay managed to method 40.53 million transactions worth Rs 3,508.93 crore in December down from 37.15 million worth Rs 3,524.51 in November.
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UPI transactions ended 2020 hitting the Rs 4-lakh-crore worth mark in December involving 2.23 billion transactions, up from 2.21 billion transactions worth Rs 3.91 lakh crore in November. The annual development in volume was 70 per cent from 1.30 billion transactions though the worth was up 105 per cent from 2.02 lakh crore in December 2019. Also, the quantity of banks live on the UPI platform elevated from 143 to 207 through the 12-month period.
PhonePe, Google Pay, and Paytm Payments Bank with each other had a lion’s share of 89 per cent (2 billion transactions) in terms of volume and 93 per cent share (Rs 3.89 lakh crore) in worth. The UPI transaction volume and worth have been in a position to develop quicker through the Covid and lockdown phases as men and women increasingly transacted digitally. The volume jumped by 908.47 million transactions through the 10-month period from 1.32 billion transactions in February 2020, according to the evaluation of NPCI information. However, in comparison, related volume development of 908.47 million transactions, prior to Covid, took 17 months (from September 2018) to attain the February 2020 level.