United Payments Interface (UPI) has processed Rs 5.04 lakh crore in transaction value at an all-time high during March 2021, showed data shared by regulator National Payments Corporation of India (NPCI). This is a 18 per cent rise from Rs 4.25 lakh crore in February.
In terms of volume, UPI has seen transactions on its platform more than double to 2.73 billion when compared to 1.25 billion in March 2020. Also, UPI transactions have jumped by 20 per cent from 2.29 billion in February.
For the financial year 2020-21, total transaction value on its network stood at Rs 34.19 lakh crore. PhonePe, and Google Pay, have the lion’s share. PhonePe, which owns over 40 per cent of the UPI market share, said it has clocked 1.3 billion UPI transactions in March led by digitisation of small brick and mortar stores in tier 2, 3 cities. Google Pay followed with a 40 per cent of the UPI market share even as the tech giant has been criticised for various instances of failed end-to-end transactions for the past few months. Other players like Paytm, Amazon Pay, Whatsapp Pay clocked the 20 percent of the total UPI market share.
In order to prevent market monopoly, the payments regulator had earlier announced capping UPI transactions at 30 percent of total volumes for each third-party application.
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