Unified Payments Interface(UPI) is growing rapidly in India. Current digitization and technology awareness among Indians are the main reasons behind its success. In the first month of 2021, UPI has recorded a total of 2.3 billion transactions worth Rs 4.31 trillion.
PhonePe and Google Pay Contributes Maximum among UPI based Platforms
As per the latest data released by the National Corporation of India(NPCI), there is a 3% rise in volume and a 3.6% addition in the number of total transactions in January 2021.
In December month, 2.23 billion transactions happened. With that volume, Rs 4.16 trillion of value was exchanged. UPI crossed Rs 4 trillion transactions first time in December month.
NPCI did not release the official market share of different platforms in January. In December month, PhonePe became the leader with a maximum number of transactions. It dethroned Google Pay who occupied the first position in November.
In the month of December, PhonePe had a total of 902.3 million transactions worth Rs 182126.88 crore. Google Pay completed 854.49 million transactions worth Rs 176199.33 crore.
Overall, Google pay and PhonePe together have a market share of 80% in UPI based transactions. Paytm, Amazon Pay, and BHIM UPI are the other UPI based known platforms.
Standings of other UPI based Platforms
In November, NPCI allowed WhatsApp Pay to participate in the UPI ecosystem. Current controversy around the policy change of WhatsApp affected its UPI platform as well. Instead of gaining momentum, WhatsApp based UPI transactions declined in January month.
Compare to the 0.81 million transactions worth Rs 29.72 crore in December, WhatsApp Pay only did 0.31 million transactions worth Rs 13.87 crore in January. Clearly, there is a decline of more than 50% in value as well as in volume.
If we talk about the banking apps based on UPI, then Yes Bank and ICICI bank are the clear winners. Yes Bank processed 19.54 millions of transactions, whereas ICICI completed total of 8.58 million of transactions in December through their respective platforms. January data is not published yet.
On the other hand, if we talk about the failed transactions, then Union Bank of India(UBI) and State Bank of India(SBI) have the worst record.
During the month of December, 10.75% of SBI transactions were declined because of technical issues. UBI failed to process 8.96% of transactions due to technical infrastructure failure.