Larger than 2 months have handed given that RBI’s movement in the direction of the subsidiary of fintech agency One97 Communications, which operates under the Paytm mannequin. However, his troubles have nonetheless not lowered. After the movement of RBI, the funds monetary establishment operation first stopped. Nevertheless, UPI transactions are declining every month. Totally different competing firms are benefiting from this.
For the first time the share was decrease than 10 p.c
In step with Nationwide Funds Firm of India (NPCI) info, Paytm’s share in UPI transactions bought right here all the best way all the way down to 9 p.c inside the month of March. A month up to now in February, Paytm’s share in full UPI transactions was 11 p.c. Whereas inside the first month of the 12 months, January, Paytm’s share in UPI transactions was 11.8 p.c.
On this fashion transactions decreased
Inside the month of January, Paytm processed 1.4 billion UPI funds. It bought right here all the best way all the way down to 1.3 billion in February. After that, in March the number of Paytm transactions processed by Paytm extra lowered to 1.2 billion. RBI had taken movement in the direction of Paytm Funds Monetary establishment, a subsidiary of One97 Communications, in late January. Which suggests after the movement of RBI, Paytm’s share in UPI transactions is decreasing every month.
Google Pay and PhonePe in profit
Competing firms are benefiting from this lack of Paytm. Since January, the share of opponents like Google Pay and PhonePe in UPI transactions has elevated. Inside the month of March, Google Pay processed 5 billion UPI transactions with a progress of 6.3 p.c. This decide was 4.4 billion in January, which elevated to 4.7 billion in February. Equally, PhonePe registered a progress of 5.2 p.c and have turn into number-1 by processing 6.5 billion UPI transactions in March. PhonePe processed 6 billion transactions in February and 5.7 billion transactions in January.
Paytm alone had half the market
There was a time when Paytm used to dominate by means of UPI transactions. All through 2018 to 2019, Paytm’s share in full UPI transactions was as soon as larger than 40 p.c. Progressively, many various firms along with Google Pay, PhonePe, Mobikwik entered the market and Paytm’s share saved decreasing. Now after the movement of RBI, there is a sharp decline inside the share of Paytm. At one time Paytm was at main by means of transactions, nonetheless now its share has lowered manifold compared with prime firms like PhonePe and GooglePay.
