In April, the Unified Payments Interface, or UPI, reported 2.64 billion or 264 crore transactions worth Rs 4,93,663 crore, according to data released by the National Payments Corporation of India (NPCI) in a tweet. The National Payments Corporation of India (NPCI) is the umbrella organization for the country's retail payment systems. The rise in Covid cases in India may be one of the main reasons for this drop, as many states have resorted to lockdowns, curfews, and other restrictions to maintain power.
In April 2021, the National Payments Corporation of India (NPCI) is down 3% from the 2.73 billion transactions reported in March. In the same time frame, the transaction value of UPI payments has decreased by 2%, from Rs 5.04 lakh crore to Rs 4.93 crore.
PhonePe, Google Pay, and Paytm have a combined market share of more than 90% in the UPI ecosystem. In March, PhonePe processed 1,199.51 million transactions on the payment railroad, while Google Pay processed 957.01 million, giving them a 44 percent and 35 percent market share, respectively.
NPCI intends to expand UPI in many countries in order to replicate its performance in international markets. To that end, it partnered with Financial Software and Systems and formed a new company called NPCI International Payments Limited (NIPL) to explore its applications outside of India.