The number of transactions processed through the Unified Payments Interface (UPI) more than doubled in a year, reaching 2.73 billion in March 2021, up from 1.25 billion the previous year. UPI transactions increased by double digits during the lockdown months as the pandemic spread and consumers began to prefer digital payments. This is also the first time since UPI's inception in 2016 that a single UPI-enabled payments app has surpassed the 1 billion volume mark.
In March, PhonePe, the leader in the UPI market, reached a significant milestone. According to NPCI data, PhonePe processed 1,199.51 million UPI transactions worth Rs 2,31,412.33 crore in March. PhonePe claimed to have processed 1.3 billion transactions through its various payment methods.
Google Pay with 957.01 million transactions worth Rs 2,01,185.14 crore. In the previous month, Google Pay had a market share of 35%.
In the last month, Paytm, the third-largest UPI player, processed 344.99 million transactions worth Rs 38,653.06 crore. Paytm claimed to have processed 1.4 billion.
State Bank of India
State Bank of India State Bank of India with 4.55 million transactions worth Rs 2,578.38 crore.
Transactions on the Immediate Payment Service increased to 363.14 million in March, up from close to 318.79 million in February. In March 2021, FASTag transactions increased to 193.21 million from 158.96 million in February 2021.
Last month, the National Payments Corporation of India (NPCI) released standard operating procedures (SOPs) for all third-party apps, stating that the umbrella entity will notify payment platforms if their app reaches the 30% threshold. The NPCI cap will take effect on January 1, 2021, but existing players such as Google Pay and PhonePe will be given a six-month or longer grace period to comply with the new rules.