Unified Payments Interface(UPI) is growing rapidly in the country. All credits to the digitization growing rapidly among the users who want to do any buying. In the first month of 2021, UPI has recorded a total of 2.3 billion transactions worth Rs 4.31 trillion.
As per the data of 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. PhonePe and Google Pay Contributes Maximum among UPI based Platforms.
PhonePe had recorded 902.03 million transactions worth Rs 182,126.88 crore in December whereas Google Pay registered 854.49 million transactions amounting to Rs 176,199.33 crore during the same period.
PhonePe and Google Pay together control close to 80% market share in the UPI ecosystem whereas Paytm, Amazon Pay, BHIM and others command the rest.
Besides these payment apps, UPI-based banking apps such as, Yes Bank and ICICI Bank have been leading in terms of processing volume of transactions through their own UPI platforms. Yes Bank had recorded 19.54 million transactions followed by ICICI’s 8.58 million transactions in December. The data for January is yet to be published.
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