PHONEPE LEADS APRIL'S UPI TRANSACTIONS WITH 6.5 BILLION TRANSACTIONS
In April, the digital payments platform PhonePe processed 6.5 billion transactions through the Unified Payments Interface (UPI) out of a total of 13.3 billion transactions. This made it the platform with the highest transaction volume for the month, according to data released by the National Payments Corporation of India (NPCI).
Comparatively, competitors like Google Pay secured a significant market share with 5 billion transactions during the same period.
Industry leader Paytm experienced a decline in transactions, slipping to 1.11 billion from 1.21 billion in the previous two months.
This downward trend in Paytm's performance aligns with the broader decrease in UPI transaction volumes for the third consecutive month, with April witnessing a 9% decline compared to March.
As a result, Paytm's market share decreased to 8.4% in April, down from 10.8% and 9.13% in February and March, respectively.
Despite these challenges, emerging players like Cred are gaining momentum, processing 138.46 million transactions in April.
| Application Name | Total Volume (In million) | Total Value (In crore) |
| PhonePe | 6,500.14 | 10,01,679.63 |
| Google Pay | 5,027.32 | 6,94,189.68 |
| Paytm | 1,117.13 | 1,22,554.25 |
| Cred | 138.46 | 43,233.21 |
| Axis Bank Apps | 69.8 | 6,483.24 |
| Amazon Pay | 64.33 | 6,784.82 |
(Source: NPCI)
Overall, UPI transactions experienced a 1% month-on-month (MoM) decline in April, with transaction volumes slipping from 13.44 billion to 13.30 billion.
Similarly, transaction values saw a marginal decrease from ₹19.78 lakh crore to ₹19.64 lakh crore during the same period.
However, there was a significant growth of 50% in the number of transactions compared to April of the previous year, while the total transaction amount saw a 40% increase.
Beyond India's borders, UPI's accessibility has expanded to several countries, including Sri Lanka, Mauritius, France, UAE, Singapore, Bhutan, and Nepal, embracing its utilisation.
On Thursday (May 2), NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), signed an agreement with the Bank of Namibia (BoN) to support them in developing an instant payment system similar to UPI for Namibia.
2024-05-07T09:01:40Z dg43tfdfdgfd