Paytm tops the table with 33% of UPI transaction in April

Since UPI integration on its platform in November, last year, Payment major Paytm has been growing rapidly. As the UPI-based transactions touched 190 million in April, the Noida-based company has grabbed a major chunk of NPCI-owned payment interface.

The Noida-based company has registered about 63 million UPI-based transactions during last month. With 33 per cent share in UPI transaction the Vijay Shekhar Sharma-led company has topped the chart followed by Yes Bank with 22 per cent market share (42.4 million transactions), reports ET.

Yes Bank’s transactions are mainly generated through Flipkart-owned payment application PhonePe. Notably, YES Bank in partnership with Flipkart’s PhonePe launched India’s first UPI-based mobile payments app in August 2016.

Earlier, Paytm had claimed that the number of Unified Payments Interface (UPI) has registered 33.3 per cent growth in February over the previous month. While the total UPI transaction at Paytm stood 51 million in January, it touched 68 million in February.

WhatsApp, which is in beta phase and a new entrant in UPI ecosystem has clocked about 1,70,000 transactions in April. Its score for February and March was around 1,90,000. This is very small growth in comparison to the aforementioned players, however, the figure is expected to witness a sharp growth once it opens for all and sundry.

As per NPCI data, the government-run BHIM hasn't been able to compete with these players and registered 12.6 million transactions in April against 11 million in March and 9.8 million in February.

The report further added that Axis Bank clocked 26.3 million transactions, it was 16.7 million for HDFC Bank and 15.6 million for ICICI Bank. ‘Google Tez’, which uses the services of Axis Bank, ICICI, HDFC Bank and State Bank of India for UPI, could have contributed to these numbers.

The overall UPI transaction in April witnessed a growth of 6.7 per cent. In March, the volume of UPI-based transactions grew to 178.05 million, clocking a whopping value of Rs 24,172.6 crore, while April counts 190.08 million in volume and Rs 27,021.85 crore in value.