PhonePe and Google Pay topped UPI transactions
Technology : Digital payment service has made life easier for people. Whether it is to give open money or to do a large amount transfer, all types of transactions are managed with a smartphone. Paytm was first introduced in India in January 2014. After this, many digital payment platforms like PhonePe, Google Pay, Mobiqvik, Amazon, Jio Money came into the country. However, PhonePe now tops the market share and Paytm is at number three. Google Pay was launched in India in August 2017. Its name was then Tej. A year later on August 2018, it was renamed to Google. Even after the launch of Paytm 3 years later, Google Pay surpassed it. At the same time, PhonePe started in 2016.
According to the December 2020 data released by the National Payments Corporation of India (NPCI), PhonePe's Unified Payments Interface (UPI) market share stood at 40.4%. Google Pay was second with 38.2% market share. While Paytm stood third with 11.7% market share. PhonePe was second in November 2020 and Google Pay was first. PhonePe said that we provided our helpline and customer support in many different languages along with 11 languages. For the first time customers, we worked on easy articles and video content to adapt and improve them. Essentials of UPI payment - like setting up Bhima UPI PIN, made bank linked, investment or gold buying process easier.
Paytm said that there are many types of payments on the digital platform. These include UPI. We are the only platform that offers other features like wallet, net banking, card payment with UPI. We have always focused on all types of platforms. However, when it is seen on the basis of percentage then it seems that UPI is moving fast. However, all types of digital payments are growing rapidly in the country.
PhonePe leads in comparison to Google Pay and Paytm lags behind
In 2020 many people started using UPI apps. In April 2020, the number of transactions on Google Pay was 44 crore. Which increased to 85 crores in December 2020. Similarly, in April 2020, the number of transactions on PhonePe was 37 crores, which increased to 90 crores in December 2020. At the same time, the number of transactions on Paytm in April was 12 crores, which was 25 crores in December.
Regarding its growth, PhonePe said that our focus is on customer convenience. We have created a platform to offer customers all payment options according to their preferences such as UPI, debit and credit cards, wallets (PhonePay and third-party wallets). Our merchant approval network is growing slowly. Today 16 million merchants in 500 cities in India are on our network. Paytm said that many companies are driving a person-to-person transfer of UPI payments. That is, some users keep the amount of the transaction together. This gives them cashback many times. Transaction numbers and amounts can be increased in Person to Person, but it cannot be called business. Our focus is on Person to Merchant. Our market share in Person to Merchant is above 50%, including UPI Payments.
Paytm says we are the largest payment gateway service provider in the country. There are 70 crore payment gateway transactions every month in the country, out of which 40 to 45 crore transactions are done by us. IRCTC has 15 payment gateways. 90% of our payment gateway transactions are done by us. Paytm said that the 5% charge on transferring money from wallet to the bank has been imposed on the instructions of RBI. Earlier, most users used to put money in a Paytm wallet with a credit card and transfer it to a bank. After which the RBI gave instructions to make it chargeable. Last year, SBI had received 700 crore and Paytm Payment Bank had 594 crore digital transaction target. At the same time, ICICI Bank, HDFC Bank and Axis Bank had a target of 120 to 140 crore transactions. Paytm achieved above 90% of this target.
Piyush Verma
I am a Blogger and Web Designer.
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