In February, India carried out payments totaling Rs 4,29,144.98 crore across nearly 233.92 crore transactions using Unified Payments Interface (UPI), as per National Payments Corporation of India (NPCI) data.
UPI is an instant payment system developed by government-owned and central bank-regulated entity NPCI. Built over the Immediate Payment Service (IMPS) infrastructure, UPI allows instant transfer of money between any two bank accounts.
As per the reported data, nine among the 53 UPI apps of the payment service providers (PSP) and one category clubbed as ‘other apps’, scored transactions over the Rs 1,000 crore bracket. The nine apps were Amazon Pay, BHIM, Cred, Google Pay, ICICI Bank Apps, Paytm Payments Bank App, PhonePe, State Bank of India Apps, and Yes Bank Apps.
Users transacted Rs 1,89,517.82 crore across a little over 97.55 crore transactions using PhonePe in the reported period, making the Walmart-owned entity a consistent leader in the space, in value and volume terms.
In volume and value terms ranking, next up was Google Pay with nearly 82.79 crore transactions totalling 1,74,455.33 crore. In the third position, was Paytm Payments Bank App with a little over 34.07 crore transactions totalling Rs 38,493.52 crore.
The only UPI apps with number of transactions over 2 crore in February were seven PSPs -- Amazon Pay, Axis Bank Apps, BHIM, Google Pay, Paytm Payments Bank App, PhonePe, and Yes Bank Apps.
Kunal Shah-owned members-only credit card bill payment platform provider Cred in the reported period accounted for 39.40 lakh UPI transactions totaling Rs 4,229.11 crore. On the other hand, India’s largest lender-operated accounted for 41.30 lakh UPI transactions totaling Rs 2,273.77 crore.
NPCI is yet to release data regarding top remitter and beneficiary banks of the UPI ecosystem, for February. In January, Paytm Payments Bank overtook State Bank of India as the country’s top beneficiary bank, in terms of volume of UPI transactions.
Earlier this month, Paytm and PhonePe separately said they processed a total of 2.27 billion transactions in February, the bulk of which were enabled by UPI.
(The story has been edited to reflect corrections in the total transaction value and volume.)