Even though Unified Payment Interface (UPI) transactions declined marginally by 0.4 per cent to Rs 7.6 lakh crore for the first time in five months, after witnessing a record high transaction of Rs 7.7 in November. lakh crore in October in the lead up to the festive season, its market share has only increased this year digital payment ecosystem, which includes NEFT, IMPS, is i, Credit Card and Debit Card.
“UPI market share has increased from 8.1% in Jan’20 to 11.7% in Mar’21 and 20.3% in Oct’21. The ratio of UPI spend to credit card spend gradually increased from 3.24x in Jan’20 to 6.97 in Jan’20 x in March’21 and 7.6x in October’21. In volume terms, UPI transactions grew 104% in October’21,” ICICI Securities said in a note.
Within UPI, the two biggest players are phonepe And Google Pay has a market share of 46.3% and 36.4% respectively.
Launched in 2016, UPI has seen tremendous acceptance and crossed 1 billion transactions for the first time in October 2019. A year later in October 2020, UPI processed over 2 billion transactions, and in October 2021, it crossed $100 billion in value.
“UPI market share has increased from 8.1% in Jan’20 to 11.7% in Mar’21 and 20.3% in Oct’21. The ratio of UPI spend to credit card spend gradually increased from 3.24x in Jan’20 to 6.97 in Jan’20 x in March’21 and 7.6x in October’21. In volume terms, UPI transactions grew 104% in October’21,” ICICI Securities said in a note.
Within UPI, the two biggest players are phonepe And Google Pay has a market share of 46.3% and 36.4% respectively.
Launched in 2016, UPI has seen tremendous acceptance and crossed 1 billion transactions for the first time in October 2019. A year later in October 2020, UPI processed over 2 billion transactions, and in October 2021, it crossed $100 billion in value.
In October, PhonePe led the UPI numbers with 193 crore transactions worth Rs 3.65 lakh crore. Google Pay came second with 145 crore transactions worth Rs 2.87 lakh crore.
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