National Payments Corporation of India(NPCI) has released February month data relates to Unified Payments Interface(UPI). As per the data, UPI has done a total of 2.29 billion transactions worth Rs 4.25 trillion.
PhonePe and Google Pay Continues as the UPI Leaders
The latest revealed data shows the decline in the total number of transactions and in the value. This decline is due to the 28th days in February. On average, UPI continues to perform better every month.
In January, UPI recorded a total of 2,3 billion transactions. These transactions helped the customers to exchange a total value of Rs. 4.31 trillion.
NPCI did not release the data about which platform has done how many transactions in the month of February. In the month of January, PhonePe surpassed Google Pay to become the leader in terms of volume and value of transactions.
PhonePe completed a total of 968.72 million transactions worth Rs 191973.77 crore, whereas Google Pay did a total of 853.53 million transactions having a total value of Rs 177791.47 crore during the first month of January.
Paytm is a distant third position holder with a total volume of 281.18 million transactions worth Rs 33909.50 crore in January.
Who is Leading in Total Transactions?
Paytm completed a total of 1.2 billion transactions in February if we add UPI, cards, wallet, and internet banking together. This is the highest by any online platform.
As per Paytm data, it is the market leader in offline merchant payment. The company has a 15% Month-on-Month(MoM) surge. Paytm has a huge merchant presence of 17 million on its platform. More than 8.5 million users hold accounts on Paytm Payments Bank. There is stiff competition between PhonePe and Paytm if we talk about merchant transactions.
PhonePe Spokesperson informed Entrackr that the company surpassed a billion transactions in December itself. It claimed that the company has more than a billion transactions in February where UPI contributed maximum. Wallets, credit cards, debit cards are the other methods used by customers on PhonePe.
PhonePe claims to have 280+ million users who are registered on the platform. It also has a monthly user base of 110 million. According to the company, its merchant acceptance number across India is 17.5 million.
Compare to last month, the State Bank of India(SBI) showed an improvement in technically declined transactions. In January, the public bank reduced the technical decline rate to 1.44% from 8.96% of December. NPCI did not release the technical decline rate data for February month. The UPI transaction failure rate for the month of February is yet to be published by NPCI.