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UPI records 2.29 Bn transactions in February

Saransh Pandey

Intern
  • March 06, 2021
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    In February, digital payments major PhonePe had a lead over Google Pay in terms of UPI transactions volume and value by a decent margin in January.

Unified Payments Interface or UPI has registered 2.29 billion transactions worth Rs 4,25,062 crore in February, according to data released by the National Payments Corporation of India. In terms of average transaction value, UPI has been able to maintain its previous record even in 28 days of February. In January, it had recorded 2.3 billion transactions worth Rs 4,31,181 crore or Rs 4.31 trillion.  

In February, digital payments major PhonePe had a lead over Google Pay in terms of UPI transactions volume and value by a decent margin January. The Sameer Nigam-led firm had recorded 968.72 million transactions worth Rs 1,91,973.77 crore in January whereas Google Pay had registered 853.53 million transactions amounting to Rs 1,77,791.47 crore during the month.  

Paytm recorded 281.18 million transactions worth Rs 33,909.50 crore in January. The Noida-based company said in a statement that it recorded 1.2 billion transactions in February across its financial services such as wallet, UPI, cards, and net-banking.   

Paytm also said that it has the highest market share in offline merchant payments with 15% M-o-M growth and that its business app has over 17 million merchants on the platform and over 8.5 million partners hold a bank account with Paytm Payments Bank.  

In terms of merchant payments, Paytm closely competes with PhonePe. PhonePe had crossed a billion transactions in December itself and in February numbers are also over a billion with approximately 970 million UPI transactions, and wallet, credit, and debit card contributing to the rest of the numbers.   

According to the company, its merchant acceptance number across India is 17.5 million. SBI, which processes the largest volume of transactions via UPI among all banks, had improved its performance in terms of technical decline rate in January.  

The public sector bank had registered only a 1.44% technical decline rate in January as compared to 8.96% in the previous month. The UPI transaction failure rate for the month of February is yet to be published by NPCI. 

 

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