Unified Payments Interface(UPI) recorded a total of 2.64 billion transactions in April. As per the National Payments Corporation of India(NPCI) released data, these transactions helped in exchange for Rs 504886 crore. The government firm released this statement on its tweeter account.
UPI Details about April Month
UPI saw a marginal slip in April month transactions compared to March that registered 2.73 billion or 273 crore transactions. There is no big difference in the total volume of transactions daily if we compare March April data. On average, UPI recorded 88 million transactions per day in the last two months.
In March, PhonePe again ranks first in terms of maximum transactions processed among all UPI platforms. It helped users in processing 1,199.51 million transactions in March, whereas Google Pay occupies second place with 957.01 million transactions. PhonePe controlled the 44% market share of UPI. Google Pay has a market share of 35% in March.
April month’s UPI market share statistics are not yet released by NPCI.
Before NPCI released March statistics, PhonePe already claimed that they have crossed 1 billion UPI transactions in March.
“We crossed a billion UPI transactions in March. The total transactions in March across payment instruments wallet, card and UPI were recorded at 1.3 billion. Our annual TPV run-rate in March was $388 billion.”
Though Paytm occupies 3rd place in terms of UPI transactions, the online platform claimed that the company recorded 1.4 billion transactions in March, including UPI, cards, wallet, etc.
New Announcements by UPI
To eliminate the monopoly of two or three third-party apps like PhonePe, Google Pay, or Paytm, UPI has released new guidelines to limit the maximum number of transactions by a single app. As per the regulations, a third-party app can hold a maximum of 30% market share of UPI. Once it completes the 30% quota, the app should not register a user for new transactions.
But, NPCI may give exemptions to the top players to comply with the new guidelines. The third-party apps and private banks are given an extension up to June to implement the new rules. From July 1, it will be mandatory for all to follow the 30% quota guidelines.
UPI is a successful and user-friendly initiative for Indian customers. NPCI is planning to extend this service in the overseas market. The firm has initiated a new unit named NPCI International Payments Limited (NIPL) — to explore its use cases beyond India. NPCI did not release any statement about when and where these international facilities will begin.