FamApp Overtakes Amazon Pay In April’s UPI Count, PhonePe Continues To Lead

FamApp By Trio (erstwhile FamPay) surpassed Amazon Pay to become the eighth biggest Unified Payment Interface (UPI) player in April.

The Bengaluru-based FamApp recorded nearly 10 Cr transactions in the month under review, from 9 Cr in the previous month. Meanwhile Amazon Pay’s transaction count declined 11.52% to 9.8 Cr, from 11.1 Cr in March. 

The month of April saw a marginal decline of 2.2% in the UPI transactions to 17.89 Bn from 18.30 Bn in the previous month. However, on a year-on-year (YoY) basis, the transaction count surged 34%. 

As per the National Payments Corporation of India’s (NPCI) data, the transaction count of 17.89 Bn accounted for a total amount of 23.95 Lakh Cr in April, a 3.3% decline as recorded against transactions worth INR 24.77 Lakh Cr in the previous month. 

Out of these 17.89 Bn transactions, 17.61 Bn were recorded by the UPI app players.

Notably, fintech unicorn CRED also overtook Axis Bank Apps to claim sixth spot in the UPI landscape, with 13.4 Cr transactions in the month under review. However, its transaction count has declined nearly 7% from 14.4 Cr in the previous month.

Maintaining the domination streak, PhonePe and Google Pay continued to hold the duopoly in the UPI market. The former recorded 836 Cr transactions in the month of April, which accounted for a transaction value of INR 12.05 Lakh Cr.

On the other hand, Google Pay recorded 648 Cr transactions worth INR 8.42 Lakh Cr in April.

The Vijay Shekhar Sharma-led Paytm continued to attain the third position in the UPI ecosystem in the month under review with 121 Cr transactions worth INR 1.31 Lakh Cr.

The ladder is followed by Sachin Bansal-owned Navi with 34.4 Cr and Flipkart’s super.money with 17.5 Cr transactions in April.

India’s UPI landscape is currently at a crossroad regarding the proposal of merchant discount rate (MDR) on UPI payments. 

MDR is the fee charged to merchants by banks or payment service providers for processing digital transactions through UPI. Currently, the Payment Council of India (PCI) is pushing the government to bring back the MDR and charge large merchants on UPI transactions above INR 2,000. 

Last week, Paytm’s Sharma said that the emergence of MDR will result in a rise in revenue for the fintech major but can also intensify the competition.

Besides, the homegrown interface saw several disruptions in the month of April.

In the beginning of the month , more than 500 users flagged issues with UPI on outage tracker DownDetector. Back then, NPCI confirmed the outage and attributed it to “increased latency” in the UPI network.

Later around the second week of the month, digital transactions were disrupted again due to UPI failure. As per DownDetector, more than 2,387 users reported issues on the platform.