Unified Payments Interface (UPI) has made the funds transfer process quite convenient. In 2018, the value of UPI transactions grew by over 750 percent crossing a milestone of Rs 1 trillion. While that is indeed good news, the latest numbers for January 2019 have revealed that Paytm led UPI transactions in the country, followed by Google Pay and PhonePe.
According to a report on ET, Paytm clocked over 221 million transactions, whereas Google Pay and PhonePe were near 220 million each. However, PhonePe also told the publication that across all payment modes (UPI + wallet), the platform had 225 million transactions worth Rs 30,000 crore in January. The overall UPI platform clocked nearly 672 million transactions in January 2019, up from 620 million in December.
While the total number of transactions are up, it is the peer-to-peer (P2P) transactions that dominate the charts. “As per internal calculations, the total number of merchant transactions is not more than 100-120 million per month,” a senior banker told the publication. “However, merchant payments are growing as non-bank entities are pushing those transactions. Even the number of UPI payments for cab rides is recording almost 2 million per month, growing at a considerable pace,” he added.
The government promoted app BHIM, on the other hand, has been losing steam over private non-banking apps over the past few months. According to the numbers released by NPCI, BHIM logged 14 million transactions in January 2019, down from 17 million in December 2018. However, the amount of funds settled on BHIM is still highest, which clearly states that people are using despite the fact that incentives have dwindled.
In January, the average transaction value on BHIM stands at Rs 4,436, which is more than other platforms. According to ET’s calculation, average UPI transaction value for Paytm could be around Rs 1,907, Rs 1,300 for PhonePe, and Rs 1,200 on Google Pay.