PhonePe leads UPI transaction volume in Jan | Mint
Active Stocks
Tue Feb 27 2024 13:38:43
  1. State Bank Of India share price
  2. 750.45 -1.13%
  1. Tata Steel share price
  2. 143.55 0.67%
  1. Sun Pharmaceutical Industries share price
  2. 1,569.55 0.81%
  1. Power Grid Corporation Of India share price
  2. 292.00 1.48%
  1. ITC share price
  2. 409.50 0.07%
Business News/ News / India/  PhonePe leads UPI transaction volume in Jan
BackBack

PhonePe leads UPI transaction volume in Jan

In November last year, NPCI, which operates the UPI infrastructure, had said starting 2021, it will cap transaction volumes processed by an entity at 30%. Google Pay and PhonePe have two years to comply with these guidelines

PhonePe and Google Pay account for more than 78% of the total 2,234.16 million UPI transactions (MINT_PRINT)Premium
PhonePe and Google Pay account for more than 78% of the total 2,234.16 million UPI transactions (MINT_PRINT)

BENGALURU : Bengaluru-based digital payments firm PhonePe continued its lead on Unified Payments Infrastructure (UPI) payments, clocking the highest volume of 968.7 million transactions in January, up by 7% from December 2020, and processing a total value of 1.92 trillion, beating rival Google Pay.

PhonePe processed close to 42% of the overall UPI transactions, which stood at 2.3 billion in January 2021, and 44% in terms of overall payment value.

Google Pay didn’t show much change in terms of transaction count as it processed close to 853.5 million (37%) UPI transactions in January, compared with 855 million in December 2020.

This comes at a time when UPI players such as Google Pay and PhonePe have been protesting against National Payments Corporation of India’s (NPCI’s) decision to cap the number of payments processed by them, to limit the damage to the payments ecosystem in case a system collapses.

Last November, NPCI, which operates the UPI infrastructure, said it will set a cap of 30% on transaction volume clocked by a player starting 2021. Players such as Google Pay and PhonePe have two years to comply with these guidelines in a phased manner.

Google Pay and PhonePe in the past have said the cap will affect the growth of UPI payments in the country, as the decision goes against principles of ‘free’ and ‘fair’ market. Paytm Payments Bank reported the third highest UPI volumes in January processing close to 281.8 million transactions.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 07 Feb 2021, 04:52 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App