Prominent payment system, Paytm has been experiencing a fast-paced growth for the past one year, ever since it incorporated UP integration in November 2017. The UPI based transactions have reached 190 million in April with Paytm enjoying a major share NPCI-owned payment interface.
Paytm tops thet with 33 percent share, as it registered about 63 million UPI-based transactions in the past one month followed by Yes Bank with a market share of around 22 percent, which is about 42.4 million transactions according to a report in Economic Times.
Yes Bank had partnered with Flipkart's Phone Pe to launch the country's first mobile payment app in August 2016 and this is the reason why the transactions conducted through Yes Bank and Flipkart's popular payment app has captured the second position after Paytm.
Paytm has been extremely consistent in generating a higher volume of UPI transactions, as it had touched 51 million in January and 68 million in February. In February, Paytm recorded a dramatic growth of around 33.3. percent in comparison to the previous month.
The new entrant to the UPI system is WhatsApp, which is still in beta phase and has already recorded 1,70,000 transactions in April. In February and March, the WhatsApp beta version clocked around 1,90,000 which is comparatively quite a small number in comparison to the other companies including Paytm and PhonePe, however, it is expected to grow exponentially when this function of the app is made accessible to everyone.
According to the data provided by NPCI, the government-run app BHIM has been unsuccessful in competing with these private companies, as it clocked only 12.6 million transactions in April and 9.8 million and 11 million respectively in February and March.
The report also gave figures for other banks such as Axis, ICICI and HDFC. 26.3 million transactions were generated via Axis while the scores for HDFC Bank and ICICI Bank stood at 16.7 million and 15.6 million respectively. One of the contributors that may have played a significant role in the UPI transactions of Axis Bank, ICICI and HDFC Bank is the app Google Tez.
In comparison to March, UPI transactions have recorded an extremely high growth of 6.7 percent in April. While in March the UPI based transactions touched 178.05 million, which can be valued at Rs. 24,172.6 crores, April accounted for 190.08 million in volume amounting to Rs. 27,021.85 crores in value.