UPI Transactions Decline Marginally To 20.47 Bn In November

SUMMARY

As per the National Payments Corporation of India’s (NPCI’s) data, the 20.47 Bn transactions in November were worth INR 26.32 Lakh Cr

On a year-on-year basis, the transaction count increased 32% during the month under review

While the payments body will release the app-wise UPI data for November next week, PhonePe and Google Pay saw a marginal decline in their market share in October

In the post-festive lull, UPI transactions declined marginally to 20.47 Bn in November from 20.70 Bn in October.

As per the National Payments Corporation of India’s (NPCI’s) data, the 20.47 Bn transactions in November were worth INR 26.32 Lakh Cr. The value of the UPI transactions in October stood at INR 27.28 Lakh Cr.

On a year-on-year basis, the transaction count increased 32% during the month under review.

The average daily transaction count rose to 682 Mn in November from 668 Mn in October. Meanwhile, the average daily transaction value stood at INR 87,721 Cr during the month under review as against INR 87,993 Cr in October.

The payments body will release the app-wise UPI data for November next week. In October, PhonePe and Google Pay saw a marginal decline in their market share.

While PhonePe processed 941.2 Cr transactions worth INR 13.06 Lakh Cr in October, its market share slipped to 46.3% from 46.4% in September. With 716.5 Cr monthly transactions, Google Pay’s market share slipped to 35.2% from 35.4% in September.

Notably, it was the second consecutive month when the two companies saw a fall in their market share. Meanwhile, smaller players gained market share. For instance, Paytm saw its market share inch up to 7.5% in October from 7.2% in September. Similarly, Sachin Bansal-led Navi’s market share grew to 2.8% from 2.7% in September.

Amid all these, the RBI and the NPCI continue to increase the use cases for UPI. Last month, the RBI announced that UPI will be linked with the TARGET Instant Payment Settlement (TIPS) system run by the European Central Bank. On completion, it will allow users in India and Europe to make instant cross-border payments.

UPI is currently active in 13 countries, and the NPCI is in talks with another 7-8 nations in the Middle East and East Asia for UPI adoption. These partnerships span both merchant payments and end-to-end cross-border remittance infrastructure.