Digital payment platform UPI, which has been conceptualized and created in India is right now unstoppable.
National Payments Corporation of India or NPCI, the creator of UPI has shared numbers for the month of October, the growth rate is indeed stunning.
Meanwhile Paytm too has shared their numbers related with UPI, and as of now, they have maintained their position as #1 UPI platform with 37% market share.
UPI’s October Growth In Transactions and Volume
For the month of October, UPI enabled 482.3 million transactions, which is 19% more compared to September.
And, Rs 74,978.27 crore worth of transactions were done in the month of October, using UPI as the platform. This is 25% more compared to September.
However, the growth in number of transactions has decreased, compared to September and August, when 32% and 30% growth was witnessed.
This slowdown in growth has mainly resulted due to NPCI lowering the P2P transaction limit to 10 per day, from 20 earlier. This has been done to stop fake transactions, and to stop fintech companies from inflating numbers.
At the same time, the growth in number of transactions is the maximum in last three months: Compared to 25% growth in October, the number of transactions grew by 18% in September and 10% in August.
Paytm Is #1 UPI Platform
Paytm has shared with us, their individual numbers related with UPI transactions, and we can see all green here.
In the last 6 months, Paytm recorded massive 600% growth in the P2P transactions niche, using UPI. In the month of October, they processed 179 million transactions, using UPI (overall, 482.3 million UPI transactions happened)
Thus, 37% of all UPI transactions occurred on Paytm’s platform.
Some other interesting numbers shared by Paytm:
- In both P2P and merchant transactions, Paytm is right now #1 UPI platform
- Paytm processes 80% of all offline merchant transactions using UPI
- 50% of all UPI based mobile recharge & payments, electricity & water bills and DTH recharges are right now done on Paytm
- Out of 9.5 million merchants who use UPI, 6 million accept Paytm for accepting money via UPI
This way, Paytm has regained the #1 position from PhonePe, which had beaten Paytm in the month of August by conducting 100 million UPI transactions. BHIM App, Google Pay are other major players in this segment, besides Paytm and PhonePe.
It would be now interesting to observe how Walmart-backed PhonePe fights Paytm’s dominance in the UPI platform.
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