Following demonetization by the Modi-led Government and the launch of the digitization drive in the country, more citizens in the country have adopted Unified Payments Interface (UPI) transactions to carry out payments and fund transfers. With a number of digital wallet companies having launched businesses in the country over the last 2 years, the competition has become stiff. According to data released by the National Payments Corporation of India (NPCI), online payment service, Paytm led the race for the most number of UPI transactions in the month of January 2019.
According to the data, Paytm registered 221 million UPI transactions, while its competitors PhonePe and Google Pay clocked in 220 million UPI transactions each in the first month of 2019. In total, the NPCI data revealed that a total of 672 million UPI transactions were carried out in January, while in December 2018, the total number of UPI transactions stood at 620 million.
According to the NPCI, just for cab rides in the country, at least 2 million UPI transactions have been registered and they believe that for merchant payments around 100-200 million UPI transactions were registered. While Paytm, Google Pay and PhonePe registered UPI transactions in excess of 200 million, BHIM slumped to just 14 million transactions in the month of January 2019, from 17 million UPI transactions from the numbers of December 2018.
Source: Economic Times