admin The popularity of UPI-based transactions has been soaring to new pinnacles of success as online payment modalities gain favour among the Indian populace. The various Unified Payments Interface apps have gained a reputation for their ease of usage and other allied features. Surprisingly, October 2019 marked UPI’s achievement of crossing the one billion monthly transactions milestone. UPI-based payment apps achieved another milestone in October with over 207 Crore transactions in a month. This amounted to a revenue of $51.9 billion- a potent rise from $25.7 billion gained in October 2019.
Digital Payment Gargantuan- UPI
The interoperability among the diverse UPI-enabled apps has enhanced its market share and popularity among Indian users. NCPI- the UPI payment and management body- had previously shared plans of expanding the method outside the country due to its unprecedented growth. NCPI Chief Executive, Dilip Asbe was quoted addressing this growth by pointing out the reason for the success of UPI. He said, “Unlike China, we have given equal opportunities to both small and large domestic and foreign companies.”
PhonePe Topples GPay to Ace the UPI Transaction Charts
Walmart’s PhonePe recorded new feats of success as October marked unforeseen transactions for the UPI platform. PhonePe surpassed Google Pay, Paytm and Amazon Pay to attain the number one spot in the Indian market- acquiring 40% of the Indian UPI market share. With recorded $835 million UPI transactions in October, PhonePe exceeded Google Pay’s transaction record of $820 million. This has happened for the first time in over a year. Sameer Nigam, the Chief Executive and Founder of PhonePe, in a statement acknowledged the ‘leading market position’ of the company and announced plans of crossing another significant milestone of 600 million registered users by 2022. Paytm came in third with a recorded transactional value of $245 million, followed by Amazon Pay with almost $125 million recorded transactions.
The Digital Transaction Boom
With the onset of the Covid-19 pandemic, digital payment methods have witnessed an unforeseen boom. More business owners- both small and large- as well as customers and clients are opting for various digital modalities of payment to adhere to the no-contact health directives. However, the market for digital payments is about to get tougher and much more competitive with the scheduled launch of other UPI-based apps in the near future.
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