AgenciesDigital payments platform Paytm reported 1.14 billion transactions on Unified Payments Interface (UPI) in May, slightly up from 1.1 billion in April.
This is the first time the payment app arrested the fall in UPI transactions since February when the Reserve Bank of India (RBI) restricted the banking operations of Paytm Payments Bank, its associate entity.
Its major rivals Google Pay and PhonePe gained in numbers, with 5.2 billion and 6.8 billion transactions, respectively, reported in May. While PhonePe clocked a market share of 48%, Google Pay had 37%.
Overall, UPI recorded 14 billion transactions in May compared to 13.3 billion in April.
Cred, which has become the fourth largest UPI app now and is pushing the payment product through aggressive television and social media commercials, reported 140 million transactions in May. In April, it had reported 38 million UPI transactions.
Also read | Paytm witnesses slowdown in core businesses of merchant payments, consumer lending
June will be crucial for Paytm since the app has restarted its cashback schemes, which helped it gain massive market share in the past. None of its competitors except Cred have been offering cashback on UPI payments. It remains to be seen if that helps Paytm claw back its market share.
Paytm ended FY24 with Rs 9,977 crore in operational revenue and total expenses of Rs 11,644 crore, resulting in a net loss of Rs 1,422 crore.
This is the first time the payment app arrested the fall in UPI transactions since February when the Reserve Bank of India (RBI) restricted the banking operations of Paytm Payments Bank, its associate entity.
In terms of the share of UPI payments by volume, Paytm stood at around 8.1% in May — almost at the same level as the previous month.
Its major rivals Google Pay and PhonePe gained in numbers, with 5.2 billion and 6.8 billion transactions, respectively, reported in May. While PhonePe clocked a market share of 48%, Google Pay had 37%.
Overall, UPI recorded 14 billion transactions in May compared to 13.3 billion in April.
Cred, which has become the fourth largest UPI app now and is pushing the payment product through aggressive television and social media commercials, reported 140 million transactions in May. In April, it had reported 38 million UPI transactions.
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Also read | Paytm witnesses slowdown in core businesses of merchant payments, consumer lending
June will be crucial for Paytm since the app has restarted its cashback schemes, which helped it gain massive market share in the past. None of its competitors except Cred have been offering cashback on UPI payments. It remains to be seen if that helps Paytm claw back its market share.
Paytm ended FY24 with Rs 9,977 crore in operational revenue and total expenses of Rs 11,644 crore, resulting in a net loss of Rs 1,422 crore.
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