Unified Payments Interface (UPI) has registered close to 10 billion (9.96 billion) transactions worth Rs 15.34 lakh crore (Rs 15.34 trillion) in July, a slight increase over the previous month, according to data issued by the National Payments Corporation of India (NPCI). This is the new record for the unified payments rail road since its public launch in April 2016.
In June, UPI saw a marginal (less than 1%) drop in transactions to Rs 14.75 trillion from Rs 14.89 trillion in May. In terms of volume too, there was a dip in transactions to 9.34 billion in June from 9.41 billion in the previous month.
As of June, PhonePe controlled more than 47% market share by volume of transactions in UPI followed by Google Pay and Paytm with 35% and 13% market share respectively. Fintech platform CRED, which launched services of UPI peer-to-peer (P2P) payments in April, climbed to 4th position in the list whereas Amazon Pay was in fifth. The break up for July month is yet to come. The top 3 are expected to remain unchanged in any case.
The share of peer-to-merchant (P2M) payments surpassed peer-to-peer (P2P) payments for the first time in August last year. Since then, the P2M payments have been maintaining a lead over P2P payments till June this year. The data for July couldn’t be ascertained.
NPCI chief Dilip Asbe recently said that the payments interface has only achieved 10% penetration and it has the ability to grow 10 fold in the coming years. He also added that daily UPI transaction volume could touch 1 billion in the next 3 years or by 2025.
The Indian government has been planning to take UPI global to ramp up tourism and provide convenience to the citizens visiting overseas. After its launch in Bhutan, Nepal, Singapore and France, NPCI is likely to launch UPI in North America and the Middle East soon.
