Paytm UPI volume down 9% in April, records third consecutive month of decline in user transactions, says report

Data from the National Payments Corporation of India (NPCI) showed Paytm saw a 9 per cent downturn successful UPI volume for the month, signaling 1,117.13 cardinal transactions successful April, compared to 1,230.04 cardinal transactions successful March this year, it added.

Also Read | Paytm: Two much apical executives depart amid restructuring efforts

Market Share Contracts

Consequently, Paytm's market stock wrong the UPI applications’ ecosystem contracted for the 3rd consecutive period — to 8.4 per cent successful April, down from 10.8 per cent successful February and 9.13 per cent successful March, arsenic per the report.

However, contempt the decline, Paytm maintained its presumption arsenic the 3rd largest subordinate successful the UPI ecosystem owed to the importantly smaller standard of different players. Cred, for example, took the 4th spot. It processed 138.46 cardinal transactions successful April, a fraction of Paytm's volume, it added.

Also Read | Paytm to connection ₹100 cashback to UPI users station NPCI support for migration to PSP banks

Top Players Dominate

PhonePe and Google Pay stay the apical 2 players, processing 6,500 cardinal and 5,027.3 cardinal transactions, respectively, successful April. Their combined stock successful wide transactions stood astatine 86.6 per cent, the study noted.

PhonePe's stock roseate from 47.3 per cent to 48.8 per cent, portion Google Pay's accrued from 36.7 per cent to 37.8 per cent betwixt February and April, it said.

Both — Walmart-owned PhonePe and Google Pay's gains followed regulatory actions against Paytm Payments Bank (PPBL) by the Reserve Bank of India (RBI). Paytm users migrated to caller outgo work supplier (PSP) slope handles with State Bank of India (SBI), Axis Bank, HDFC Bank, and YES Bank. As such, the players' transaction measurement is expected to diminution further arsenic much users migrate to authorised PSP banks.

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Published: 08 May 2024, 01:49 PM IST