tech2 News StaffJun 04, 2019 12:29:05 IST
Since demonetisation in 2016, digital payment growth has spurted out at an unprecedented rate. Unified Payments Interface (UPI) has become the new norm for instant and effortless payments and transfer of money. Google's payment app Google Pay is leading the way with a reported 240 million transactions in May 2019.
As per ETtech, Google Pay has consolidated its lead as the top UPI payment app, closely followed by Flipkart-owned PhonePe which saw 230 million transactions in May. Paytm also was not far behind with 200 million transactions. These three behemoths and the government initiated BHIM payment app, which had 15.7 million transactions, recorded for a total 93 percent of the market share.
However, the report states that month-on-month UPI transactions have fallen by 6 percent with a fall of nearly 48.5 million transactions as compared to April.
“There has been a fall in UPI transactions and two major reasons can be attributed to it, reduction in cashbacks and major outages in few banks’ back end, which caused a jump in transaction failure,” said a senior banker with a private sector bank in an interview with ETtech.
In terms of total transaction values, Google Pay had the highest with Rs 55,000 crore, PhonePe at nearly Rs 44,000 crore and Paytm at around Rs 38,200 crore.