UPI registers 2.64 Bn transactions in April

Unified Payments Interface or UPI registered 2.64 billion or 264 crore transactions worth Rs 4,93,663 crore in April, data released by NPCI in a tweet shows.

In March, UPI had recorded 2.73 billion or 273 crore transactions amounting to Rs 5,04,886 crore. While the total transactions slipped a bit in April, the daily transaction volume for UPI was almost the same in the last two months with nearly 88 million transactions. 

In the UPI ecosystem, PhonePe, Google Pay and Paytm control more than 90% market share. PhonePe processed 1,199.51 million transactions on the payment railroad in March followed by Google Pay’s 957.01 million, controlling 44% and 35% market share respectively.

UPI apps’ market share statistics for April are yet to be released. 

To ensure that UPI will not be dependent on any third-party player, NPCI is mulling to cap the market share of such apps to 30%. The regulating entity had also released a guideline in March which said that apps and their partner banks will have to stop signing up new users in case they reach the threshold of 30%.

However, NPCI also said that it may grant exemptions to the top players to comply with the new guidelines.

To mirror its success in overseas markets, NPCI is planning to expand UPI in several countries. To that effect, it had tied up with Financial Software and Systems and incorporated a new entity — NPCI International Payments Limited (NIPL) -- to explore its use cases beyond India.