Digital payments major Paytm has reported a slight drop in Unified Payments Interface (UPI) transactions in March, data released by the National Payments Corporation of India shows.
The fintech company processed around 1.2 billion UPI transactions in March, down slightly from 1.3 billion transactions in February and 1.4 billion in January.
Its two larger peers PhonePe and Google Pay, however, saw the volume count going up. In March, Google Pay processed 5 billion transactions, up 6.3% from 4.7 billion in February and 4.4 billion in January, while PhonePe processed 6.5 billion transactions in March, up 5.2% from 6 billion in February and 5.7 billion the month before.
Paytm Payments Bank, an associate entity of Paytm, stopped offering basic banking services in the middle of last month. While Paytm has shifted its UPI payments to four large banks — Yes Bank, Axis Bank, HDFC Bank and State Bank of India — it has been steadily losing market share on UPI, the country’s most popular consumer payment mode.
Overall, UPI payments rose to 13.4 billion in March compared to 12 billion in February, per NPCI data.
With Paytm witnessing a slowdown, NPCI is watching the market share dynamics very closely. There is a regulatory mandate to restrict any single payment application from having a market share breaching 30% on UPI, which needs to be implemented by the end of this year.
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ET wrote on March 5 that NPCI conducted meetings with large fintechs who have negligible market share on UPI to find ways of boosting their transaction numbers.
As of March, PhonePe has around 48% market share on UPI, followed by Google Pay with 37% share and Paytm with 9% market share.
Beyond the top three fintechs, no other player has been able to report any sizable scale on UPI. Cred is the fourth largest UPI app with 132 million transactions reported in March.
FAQs
Paytm's UPI Transactions Drop Further In March; PhonePe And Google Pay Log Gains. Fintech major Paytm's Unified Payments Interface (UPI) transactions saw a marginal drop in March, as per a data by National Payments Corporation of India (NPCI).
What are the UPI transactions in March 2024? ›
Transactions worth ₹19.78 lakh crore were processed during March 2024, against the previous record of ₹18.41 lakh crore set in January. The Unified Payments Interface (UPI) ended FY24 on a strong high, setting new records for both the volume and value of transactions undertaken during March 2024.
What is the market share of PhonePe vs Google Pay vs Paytm? ›
As of April, Google Pay and Paytm controlled 37.5% and 8.3% market share in the overall (P2M and P2P transactions) UPI ecosystem. Value wise, PhonePe had close to 51% market share followed by Google Pay and Paytm with 35% and 5% share respectively.
What is the highest UPI transaction in a day? ›
The UPI transaction limit per day is Rs.1 lakh as per NPCI.
However, the limit is Rs.5 lakh for payments to educational institutions and healthcare. The maximum UPI daily transfer limit can change from bank to bank between Rs.25,000 to Rs.1 lakh.
How many UPI transactions per day in Google Pay? ›
GPay (Google Pay) Limit Per Day
The Google Pay (GPay) limit per day for money transfers in India is ₹1,00,000. Additionally, you can perform a maximum of 20 transactions through GPay or any other UPI app within a 24-hour period.
Which country has largest UPI transaction? ›
UPI (India) and Pix (Brazil) are the two main systems
These traits matter especially to countries with a complex payment market that need to be digitalized — such as in India with its UPI system, but also in Brazil (PIX). UPI in India and Pix in Brazil together reached nearly 100 billion transactions in 2022.
How many digital transactions are there in India in 2024? ›
In financial year 2024, almost 164 billion digital payments were recorded across India. This was a significant increase compared to the previous three years.
Is GPay faster than Paytm? ›
I use Paytm just for the ticket booking system. For most of my daily transactions, Google Pay is the way. Google Pay has provided things very simple and faster. They always focus on a user-friendly env rather than adding everything to the app.
Who has more users Google Pay or PhonePe? ›
As of March, PhonePe has around 48% market share on UPI, followed by Google Pay with 37% share and Paytm with 9% market share. Beyond the top three fintechs, no other player has been able to report any sizable scale on UPI.
Who is the market leader of UPI? ›
PhonePe and Google Pay dominate the UPI market with an 86% combined share in transaction volumes, as per NPCI data. PhonePe holds 48.3% while Google Pay has 37.6% market share. Paytm Payments Bank is the third UPI largest player.
PhonePe Transaction Limit Per Day
The daily transaction limit for UPI transactions on PhonePe for users in India is ₹1 Lakh. In 24 hours you can send money only a maximum of 20 times on Phonepe. This means that you can transfer up to ₹1 lakh in a single day, which can be broken into a total of 20 transactions each day.
Can I transfer 1 lakh through GPay? ›
GPay/Google Pay Transaction Limit Per Day
The Gpay limit per day for money transfers for users in India is ₹1,00,000. Moreover, in 24 hours you can send money only a maximum of 10 times in GPay or any other UPI app.
Can I transfer 2 lakh through UPI? ›
For merchant transactions such as capital markets, insurance, and foreign inward remittances, you can send up to Rs 2 lakh via UPI.
What are the new rules for PhonePe in 2024? ›
As per the 2024 NCPI guidelines, a merchant has to pay an interchange fee of up to 1.1% of the transaction amount on UPI transactions above Rs. 2000. These charges are applicable for transactions made through prepaid payment instruments (PPI) like wallets, Amazon Pay, Google Pay, Phonepe, etc.
Can I transfer $50,000 through Google Pay in one time? ›
Yes you can transfer 50000 in one go or in 5 attempts, this depends on rules applied by your bank. The daily limit is 100000 INR maximum allowed as per UPI regulation. As per UPI rules, one can transfer upto a maximum of Inr 100,000 in one or 10 transactions made in 24 hours.
What are the new rules for Google Pay in 2024? ›
The GPay limit for fund transfers in India in 2024 is Rs. 1,00,000. When you are registering as a first-time user after downloading Google Pay, the first transaction limit on Google Pay is Rs. 1,00,000.
How many UPI transactions are there in India in FY24? ›
India recorded about 131 billion Unified Payments Interface (UPI) transactions with a total value of ₹200 trillion in FY24, finance minister Nirmala Sitharaman said on Monday.
What is the market share of UPI apps in India 2024? ›
Digital payments platform PhonePe has maintained its top position in the Unified Payments Interface (UPI) ecosystem with a market share of more than 48% in May 2024.
What is the UPI in January 2024? ›
Unified payments interface (UPI) started 2024 on a strong note, with transaction spends staying over the ₹18-lakh crore mark and touching a new record high. Transactions worth ₹18.41-lakh crore were processed during January, nearly 1 per cent higher than the previous record of ₹18.23-lakh crore in December 2023.
