August 6, 2020

Unified Payments Interface cross the 600 million transaction mark for the month of June

UPI or Unified Payments Interface is a real-time platform that helps transfer funds between any two bank accounts. Through online or a mobile platform. National Payments Corporation of India came up with an idea to get a single mobile application with multiple bank accounts. Overall, transactions over the UPI had fallen significantly in April. But once the lockdown was lifted, it is on the road to records one of the highest volumes of transactions in June. UPI has already crossed 663 million transactions till 15 June, much more than the recorded figures in May. Though there could be variations in the volume of transactions taking over the platform, it is safe to say that the recovery seems to be right on track or UPI. In June, the transaction rate has grown by 7% compared to May, which may not seem a lot, considering a large amount is vital statistics. Google Pay leads the increase in the volume of transactions at 541 million transactions followed closely by PhonePe and the trailing Paytm application. Google pay has been leading the pack ever since its introduction in 2018. These platforms quickly adopted UPI resulting in profits in terms of market share. NPCI’s instant payments facility Immediate Payment Service has also recorded a good figure this month recovering from the previous months of lockdown. There has been a 44% increase overall since the lockdown in the past two months, and the future figures look promising.
Paytm Payments bank was a little late to adopt UPI; hence is trailing in terms of market share and volume of transaction. It leads to many top-level executives being forced to quit. Anubhav Sharma is said to join PayTm payments bank after leaving NPCI. At NPCI, he was heading the UPI and IMPS. Though it is a role at PayTm is not yet known. After the resignation of so many executives in leadership positions, Sharma will most likely look after digital payments. It will be interesting to see if this move will boost the PayTm market share again after all they were the leading pack in India just a few years back.