Google Pay, PhonePe and Paytm Record Transactions: UPI
By MYBRANDBOOK
Unified Payments Interface (UPI) has reported on a huge growth in the payment transactions crossed the milestone of 1 billion transactions for a month, whereas Google Pay managed 430 million in P2P transactions and PhonePe and Paytm recorded over 365 million and 125 million transactions, respectively.
UPI (Unified Payments Interface), was successful in performing really well, especially post the pandemic, as it was able to cross a billion transactions in a month. While UPI was able to cross this milestone, National payments corporation of India was witness to a 21 per cent fall in transactions in April as opposed to previous months, due to the implications of the Coronavirus.
Earlier, PhonePe was at the top of the leaderboard when it came to processing and volume and amount by the means of UPI, they were followed by Google Pay, and then Paytm. Post this, Google Pay increased its momentum and was able to be the top UPI based apps for payment when it came to Peer-to-Peer payments. PhonePe was at the top when it came to Peer-to-Merchant services.
On the P2M front, PhonePe led the pack with 180 million volume processed while Google Pay and Paytm’s respective transactions were recorded at 164 million and 69 million with regard to P2M payments.
The lockdowns may reduce the volumes, but all three apps provide a means for people to donate to the PM Cares Fund. WhatsApp pay is also trying to roll out its UPI based systems for payments, however, it is waiting for complete approval from the government.
At this competition environment, WhatsApp Pay has also been trying to get approvals from the Indian government to roll out its UPI-based payment system in the country. It’s been more than two years since WhatsApp launched its P2P payments version for select users.
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