The growth of UPI is highly driven by private players. The latest data on UPI transaction share proves the point as Paytm alone clocked 221 million transaction volume in January. Other leading firms such as PhonePe and Google Pay recorded about 220 million UPI transaction where total transaction hovered around 672 million in the month of January.
The data given by ET sources couldn’t clarify whether Google Pay or PhonePe alone registered 220 million transactions, or altogether.
PhonePe also emphasised that it had recorded 225 million transactions amounting to Rs 30,000 crore across all payment modes.
For Paytm, this is a 23 per cent increase in the monthly UPI transaction from October 2018 when it claimed 37 per cent marketshare in overall UPI transaction. In terms of transaction share, Paytm contributed about 33 per cent in overall UPI transaction volume in January.
The Alibaba-backed company is also testing white-labelled interoperable UPI QR Code for merchants in Bengaluru and Hyderabad.
Apart from the aforementioned players, the government promoted BHIM, Mobikwik, Trucaller, WhatsApp in Beta mode, FreeCharge and 129 banks are live on UPI railroad.
Of late, BHIM had witnessed a slump down in the monthly transaction from 17.06 million in December to 13.98 million in January.
This also proves the domination of Paytm, PhonePe and Google Pay over others.
The UPI ecosystem is also going to expand its horizon with upcoming players such as Xiaomi-owned Mi Pay, Amazon and Reliance Jio in play.
