PayTm’s share in UPI payments decreased by 11.8%
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PayTmIt has been almost two months since the Reserve Bank took strict action against Paytm, a subsidiary of One97 Communications. However, even after more than 60 days have passed, the troubles of the company do not seem to be reducing. Due to the strictness of the apex bank, Paytm Payment Bank has already been closed. On the other hand, the company’s UPI transaction volume is declining every month. A large number of customers are also shifting to other UPI platforms. National Payments Corporation of India (NPCIAccording to ), there has been a decline of about nine percent in UPI transactions through the app in the month of March. Whereas a month ago, there was a decline of 11 percent in transactions in February and 11.8 percent in January. 1.4 billion UPI payments were processed through Paytm app in the month of January. It came down to 1.3 billion in February. Whereas, in March the number of Paytm transactions remained at 1.2 billion.
Which app benefited?
On one hand, the company has suffered losses due to the strictness on Paytm. On the other hand, competing companies are benefiting. Since January, UPI transaction volumes of PhonePe and Google Pay have been increasing. In the month of March alone, Google Pay transactions have increased by 6.3 percent. 5 billion UPI transactions have been processed by the company. At the same time, Phone Pay’s UPI transactions have seen a growth of 5.2 percent in the month of March. The company has reached the first position in the market by processing 6.5 billion UPI transactions last month.
Paytm ruled half the market
In the year 2018-2019, Paytm had 40 percent share in the total UPI transaction volume of the entire UPI market. However, after this, companies like GooglePay, PhonePe, MobiKwik entered the market. After this, Paytm’s transaction volume was affected. Then before the strictness of the Reserve Bank, Paytm was one of the major players in the UPI market.
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