Total Unified Payments Interface (UPI) in India clocked 2.29 billion transactions in February, compared with 2.30 billion in January, as per the data released by retail payments organisation National Payments Corporation of India (NPCI).
According to NPCI, the total value of transactions on the UPI network stood at from Rs 4.25 trillion in February, compared with Rs 4.31 trillion in January.
The month-on-month growth of UPI transactions has been averaging between 1 per cent and 3 per cent since November 2020, which otherwise saw double digit monthly growth in 2020, due to the shift towards digital payments caused by the current pandemic.
The reason for the minor decline could be the less number of days in February vs January.
Between November and January, transaction failures on the UPI network climbed due to technical glitches faced by Indian banks, leading to once leader, Google Pay losing market share.
Google Pay’s loss in total transactions prompted PhonePe and Paytm Payments Bank, continue to gain.
In January, Google Pay registered close to 853.5 million transactions, while PhonePe and Paytm Payments Bank registered close to 968.7 million and 332.7 million transactions respectively.
The rise of UPI empire
The scale and the speed that UPI carries is unimaginable. As many as 143 Indian banks are live on UPI platform. As of October 2019, UPI crossed 1 billion transactions and has over a 100 million active users on its platform. Nowhere in the world, neither there is any such facility available nor such a number of transactions have ever happened on one single platform.
India is the world’s second-largest hub for FinTech innovation, and it is primed for massive mobile disruption as the only global market with over a billion connected devices.