WhatsApp UPI Transaction Volume Declined in January, PhonePe Continues to Lead the Market: NPCI Data
WhatsApp seems to haven’t been ready to persuade extra customers to utilise its funds characteristic as the app acquired damaging development in phrases of UPI transactions in January, in accordance to the Unified Payments Interface (UPI) information launched by the National Payments Corporation of India (NPCI). However, PhonePe continued to lead UPI apps with a complete market share of 41.21 % in phrases of transactional quantity of all 56 apps (2.35074 billion transactions) reported by NPCI. The robust place of the Walmart-owned app has made it more durable for Google Pay to return to the high place because it’s nonetheless at second place.
The information posted on the NPCI website exhibits that UPI transactions by way of WhatsApp declined practically 31 % to 560,000 in January from 810,000 in December. Despite the important drop in the transaction quantity, the app owned by Facebook was ready to obtain over 22 % enhance in funds worth that got here to Rs. 36.44 crores in January. It was up from the Rs. 29.72 crores reported a month earlier. Its market share in phrases of transaction quantity, nonetheless, was a measly 0.02 %.
WhatsApp acquired the go-ahead for its anticipated funds characteristic in November — although in a graded method. The preliminary restriction alongside restricted adoption and the current criticism over its privateness coverage replace might be amongst the key causes for its poor efficiency.
In distinction, PhonePe processed 968.72 million transactions in January that had been value Rs. 1,91,973.77 crores. The transaction quantity on the PhonePe app was up by 7.39 % over 902.03 million transactions famous in December. The worth of transactions processed via PhonePe additionally grew over 5 % in the final two months.
Following PhonePe, Google Pay got here second with 853.53 million transactions value Rs. 1,77,791.47 crores in January. The Google app noticed 0.1 % decline in its transaction quantity from 854.49 million in December that had been value Rs. 176,199.33 crores. Its market share in phrases of transaction quantity was 36.31 %.
Paytm Payments Bank continued at third spot with 281.18 million customer-initiated transactions value Rs. 33,909.50 crores in January. Its market share in phrases of transaction quantity was 14.15 %. The app noticed over 9.6 % enhance in its customer-initiated transaction quantity and over 8.36 % in worth when put next to the December information. It was adopted by Amazon Pay that processed 46.30 million transactions value Rs. 4,044.38 crores, and its market share in phrases of transaction quantity was 1.97 %.
NPCI’s BHIM app processed 23.38 million transactions in January that had been amounting to Rs. 7,462.94 crores. It noticed a 5.72 % dip in transaction quantity and three.68 % in worth over the information offered for December. Its market share in phrases of transaction quantity was 0.99 %.
Overall, UPI transactions in the nation grew 3.06 percent to 2,302.73 million in January. These transactions had been value Rs. 4,31,181.89 crores in whole, up from the Rs. 4,16,176.21 crores in December, as per the NPCI information.
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