The volume and value of transactions on the Unified Payments Interface dropped down from the previous month. It has been noticed that the Indians have transacted 2.29 billion times on the UPI against 2.30 billion in the month of January. The overall transaction value stood at Rs. 4.25 trillion, which is comparatively lower from Rs. 431 trillion in the month of January this year. The data from the retail payment organization National Payments Corporation of India shared the records.
UPI sets a volume that rises to 1-3% since November 2020 after checking double-digit monthly growth through 2020. The pandemic has increased digital payments. February’s minor decline is due to fewer days in a month.
In between November and January, UPI transaction has failed to get a hike because of the technical glitches faced by an Indian bank, leading to Google Pay losing its market leadership. The gainers were PhonePe and Paytm Payments Banks which move ahead to explore the market share and transaction count during the period.
In the month of January, GooglePay official registered 853.5 million transactions, whereas PhonePe and Paytm registered 968.7 million 332.7 million respectively.
PhonePe was close to 927 million UPI transactions in February, which garners to 42% market share on the payment infrastructure.