UPI Payments Via Paytm, Google Pay, PhonePe: Digital payments in India have been gaining momentum as innovations in technology have changed the country’s payment system. A large number of payment platforms are there in India that are using unified payments interface (UPI), including GPay, PhonePe, Paytm and BHIM, and are competitors to each other.
In October, transactions through UPI rose 7.7 per cent to 730 crore and the total value stood at more than Rs 12.11 lakh crore. In September, there were 678 crore UPI-led digital transactions worth Rs 11.16 lakh crore.
Four apps — PhonePe, Google Pay, Paytm and CRED Pay — command 96.4 per cent of the overall UPI market.
PhonePe had the highest share in total UPI transactions in India with 49 per cent pie in October, according to data from the National Payments Corporation of India (UPI). PhonePe was followed by Google Pay with 34 per cent share, Paytm (11 per cent), CRED Pay (1.8 per cent) and others (WhatsApp, Amazon Pay and banking apps) with 3.5 per cent share.
The number of instant interbank fund transfer through IMPS (Immediate Payment Service) in October stood at 48.25 crore and the value was at Rs 4.66 lakh crore. In terms of transactions, it was higher by 4.3 per cent compared to September, according to the latest monthly data from the National Payments Corporation of India (NPCI).
Among the payment service providers (PSPs), Yes Bank in October recorded the highest volume with 265.5 crore UPI transactions, followed by Axis Bank with 119.5 crore transactions, ICICI Bank (107.5 crore), Paytm Payments Bank (101.9 crore) and State Bank of India (73.5 crore).
SBI in its report has said that over the years, the Indian cash-lead economy now has changed to a smartphone-lead payment economy. A lower currency in circulation also is akin to a CRR cut for the banking system, as it results in less leakage of deposits and it will impact monetary transmission positively.
According to the latest retail digital transactions data, NEFT holds a share of 55 per cent in value terms and most of the transactions are done either at branch or through internet banking.
UPI In Singapore Soon
According to recent media reports, money transfers between India and Singapore using the unified payments interface (UPI) will start soon, and technical preparations to link UPI and PayNow have been completed. The move is aimed at benefitting migrant workers.
Central banks of both countries — the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) — are working to enable the service, which is expected to roll out soon.
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