Digital payments have become talk of the town post demonetization. Post October 2019, monthly transactions shot up to 1 billion via UPI. Due to the lockdown, the transactions through UPI have come down by 21% in April as compared to last month.
National Payments Corporation of India (NPCL) hasn’t released split figures of UPI-based apps since July 2019 though they have announced the overall transactions data. According to last data reveal. PhonePe was leading in terms of processing values and amounts through UPI followed by Google Pay and Paytm.
According to sources, Google Pay is the largest facilitator for Peer-to-Peer payments and PhonePe topped the charts for Peer-to-Merchant transactions. In past 8-10 months, GPay has been the largest platform for P2P payments followed by PhonePe and Paytm respectively.
Out of 995.57 million payments, GPay contributed 430 million in P2P structure while PhonePe and Paytm recorded over 365 million and 125 million transactions. When it comes to P2M, PhonePe overshadows everyone with 180 million transactions. GPay and Paytm stood at 164 million and 69 million respectively in P2M format.
Being QR-based, UPI has been a preferred mode of payment at retail outlets. Paytm though plans on reducing dependency on UPI and make services linked to their bank account and wallets. Even though things have not been going good for businesses, the 3 platforms have managed to facilitate decent amount of transactions.