PhonePe Beats Paytm With 100 Mn UPI Transactions; Airtel Will Now Support UPI Payments!
Overall, UPI transactions declined by 4.6% in the month of July.
We are receiving fresh numbers pertaining to UPI payments in India, for the month of July, and there are some major surprises in store.
Late entrant PhonePe has beaten Paytm to emerge as #1 player in the UPI race.
Meanwhile good news for Airtel users, because now, they too can pay via UPI!
Read on to know more..
PhonePe is Now #1 UPI Player
In a twist of events, UPI has successfully beaten Paytm and Google Tez, along with BHIM to emerge #1 app for UPI payments in India.
Now, Paytm and Tez haven’t yet disclosed their July numbers, but the comparison has been made with their June data.
PhonePe has declared that they have successfully processed 100 million transactions in the month of July, thereby beating Paytm which had processed 94 million transactions in the month of June.
As per PhonePe’s statements, they are now driving 70% of all UPI merchant transactions happening in India, as they have now enrolled 300,000 merchants into their platform.
And overall, they are now responsible for 42% of all UPI based transactions in India.
PhonePe was launched in December, 2016.
Aadhaar Pay Ban Has Helped PhonePe?
PhonePe has admitted that NPCI’s directive to all banks to stop UPI based Aadhaar Payments have helped them a lot, as merchants and users are now using PhonePe app to make UPI payments.
PhonePe roughly managed to process Rs 10,000 crore worth of transactions last month. Numbers for July are keenly awaited.
Overall, UPI transactions have declined by 4.6% in the month of July.
Overall, there were 235.6 million UPI transactions in the month of July, compared to 246 million in the month of June.
Transactions on BHIM app has increased to 19 million in July, compared to 16 million in June.
Airtel Too Offer UPI Payments!
Meanwhile Airtel, India’s largest telecom operator (until Vodafone Idea launches their combined services) has jumped into the UPI race.
Now Airtel users can pay and receive money via UPI on Airtel’s website and app.
Airtel has partnered with Razorpay to enable UPI on their platform. As per a joint statement issued, Razorpay is expecting 50 lakh UPI transactions in association with Airtel.
As of now, Razorpay handles online payments for more than 1 lakh businesses, which includes GoIbibo, Yatra, Zomato, IRCTC, Zoho, DSP Blackrock, Zerodha.
We will keep you updated, as more news come in.