Google Pay Is India’s #1 UPI App With 96 Cr Transactions In 30 Days; UPI Rise By 102% This Year!
UPI transactions have seen a great boom during 2020 with registered value past the Rs 4-lakh-crore mark in December for digital transactions done via UPI as per the latest UPI data from the National Payments Corporation of India (NPCI).
Recorded High On Year On Year Growth
The said data recorded 2.23 billion transactions worth Rs 4.16 lakh crore in December.
Which is much higher from the 2.21 billion transactions involving Rs 3.91 lakh crore during November.
Reportedly, the year-on-year growth in volume stood at 70 percent from 1.30 billion transactions.
In the case of the value of UPI transactions, it recorded an increase of 105 percent from 2.02 lakh crore in December 2019.
Increase In Banks Providing UPI Facility
In addition to that, there is also an increase in the number of banks living on the UPI platform, which increased from 143 to 207 during the 12-month period.
UPI Providers Growth
Out of different available UPI players, Google Pay and PhonePe led the game.
They together cornered over 82 percent of the market by volume and over 86 percent by value in November.
In quantum, Google Pay processed 960.02 million transactions involving Rs 1.61 lakh crore.
On the other hand, PhonePe saw 868.4 million transactions worth Rs 1.75 lakh crore.
At the same time, Paytm had processed 260 million payments.
Growth Induced By Virus Spread
This growth is definitely affected by the Covid-19 virus spread and lockdown as the transaction volume and value have apparently scaled up faster during this time as people switched to digital mode to avoid cash usage.
According to the analysis of NPCI data, the volume increased by 908.47 million transactions during the 10-month period from 1.32 billion transactions in February 2020.
Although, the similar volume growth of 908.47 million transactions, before Covid, took 17 months (from September 2018) to reach the February 2020 level comparatively.
Reserve Bank’s Initiative
The Reserve Bank of India had taken another step towards digitization as they launched a ‘composite Digital Payments Index (DPI)’ on Friday.
The move will help in measuring the extent of digitization of payments in India.
It would be based on parameters such as payment enablers, payment infrastructure – demand-side and supply-side factors, payment performance, and consumer centricity, according to the RBI.