Google Pay is ahead of Paytm and PhonePe in UPI transaction value

Grabbing the lion’s share of UPI transaction has become imperative and priority for Paytm, PhonePe, Google Pay, BHIM and other UPI-enabled payments apps.

While government-promoted BHIM has not been able to take off, private players have grabbed the opportunity with freebies, discounts, and other luring features to gather more UPI transactions on their platform.

Early adopters like PhonePe and Paytm have been maintaining their mojo until tech giant’s Google UPI app – Google Pay silently started to eat up their market share with a new avatar (previously, it was known as Tez).

Up from 25 million monthly active users in September 2018 to 45 million monthly active users in March 2019, Google Pay is now neck to neck with Paytm and PhonePe’s volume with around 225 million UPI transaction.

In February, media reports suggested that PhonePe and Google Pay were doing around 220 million transactions each while Paytm was leading the pack with 225 million transactions.

Interestingly, Google Pay recorded UPI transactions worth Rs 43,000-Rs 45,000 crore in March. On the contrary, PhonePe and Paytm are said to have done transactions worth Rs 31,000-32,000 crore each.

An ET report also added that PhonePe is marginally ahead of Paytm in terms of the value of transactions.

This essentially means Google Pay is quite close to Paytm in terms of volume and way ahead of the Alibaba-backed company in terms of value.

Google in its official statement also said that it hit $81 billion (or Rs 5.7 lakh crore) annualised transaction run-rate in March.

In terms of average transaction value, Google Pay’s ATV is higher by 50 per cent compared to PhonePe and Paytm. According to recent data revealed by BharatPe, Google’s Pay ATV hovers around $4.6 while PhonePe and Paytm recorded their ATV as $2.6 and $2.4 respectively.

Till date, Google Pay is accepted at over 2,000 online merchants such as foodtech, travel, movie/event tickets, and even trading and investments. To gather more users, the tech giant is reportedly spending $12-15 million on a monthly basis.

Apart from P2P transfer and retail payments, Google Pay is also targeting its arch rivals through wealth management products like digital gold buying. It may enter into a full stack wealth management business and integrate other payments use cases to drive more transactions and build loyalty amongst customers.

Of late, Google has partnered with Pine Labs to boost its offline transaction where PhonePe is the market leader. The collaboration with Pine Labs will give access to over 3,30,000 point-of-sale terminals in over 3000 towns.

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Source : https://entrackr.com/2019/04/google-pay-upi-transaction-march/

UPI recorded close to 800 Mn transaction in March

UPI Interface

NPCI-owned payments railroad UPI has achieved a new milestone in March. The unified payments interface recorded almost 800 million (799.54 Mn) transaction amounting to Rs 1,33,460.72 in last month. It was an 18 per cent hike in transaction volume and over 25 per cent rise in transaction value.

In February (28 days), UPI registered 674.19 million transactions worth Rs 1,06,737.12 crore. In terms of transaction value, it was one of the highest leaps for UPI where it crossed Rs 1.3 trillion figure.

BHIM

@NPCI_BHIM

Cashless transactions have now become simpler and convenient thanks to BHIM UPI. @dilipasbe

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Meanwhile, NPCI-regulated inter-bank electronic funds transfer system (IMPS) has once again become the hottest option chosen for fund transfer. The instant payment feature recorded 190.18 million transactions worth Rs 1,76,288.88 crore.

In February, IMPS registered  166.37 million transactions amounting to 1,49,342.60 crore.

The growth in UPI transactions has come on the back of faster adoption in UPI-based payments apps such as government promoted BHIM and private players like Paytm, Google Pay, Phonepe and others.

While BHIM continued to struggle for the past 3-4 months, Google Pay and PhonePe have grabbed the opportunity to compete against the market leader – Paytm.

For instance, Paytm reportedly clocked 221 million transaction volume in January followed by PhonePe and Google Pay that recorded about 220 million UPI transaction each.

Recently, Google Pay has also revealed that it achieved 45 million monthly active userslandmark and hit $81 billion annualised transaction run rate in March.

Apart from the aforementioned entities, there are 139 banks live on UPI platform.

Over the past year, domestic and global players have been throwing their hat in the fray to taste the success of UPI in India. Of late, Xiaomi and Amazon have launched their UPI-powered payment feature in India, on the other hand, Reliance Jio and Tencent-owned WeChat are also in the pipeline to launch it soon.

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Source : https://entrackr.com/2019/04/upi-800-mn-transaction-march/

Building up a digital wallet that would be cherished by all individuals

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Continue reading Building up a digital wallet that would be cherished by all individuals

Xiaomi launches UPI-powered Mi Pay in beta

Unified Payment Interface

Unified Payment Interface (UPI) has turned out to be a battleground for global and local heavyweights. Besides Paytm, Google, PhonePe, TrueCaller and MobiKwik, likes of WhatsApp, Jio, Amazon among several others want a slice of fledgling digital payments market that set to grow to $1 trillion by 2023.

Xiaomi (Mi)

Xiaomi is no exception. Joining the league of aforementioned firms, smartphone brand Xiaomi is also tapping into consumer payment space in India with UPI. The company is getting closer to launch Mi Pay for masses as it received approval from NPCI.

Currently, Xiaomi is testing Mi Pay in beta (link) with ICICI and PayU. “NPCI has cleared Mi Pay for large group usage, due to which its beta testing is going live, and soon it will be available for all MIUI users,” mentioned a community post in Mi forum.

National Payments Corporation of India (NPCI)

Unlike WhatsApp (restricted to one million users), NPCI has given nod to Xiaomi for large group usage. Mi Pay will let users transfer fund, execute payments for several use cases including bill/recharge, water, and electricity bill using UPI framework.

It’s worth noting that Xiaomi is also planning to launch NBFC ‘Xiaomi Financial Services India’ and seeking RBI licence for it. The company also leveraged its investee KrazyBee to launch micro-lending platform – CreditBee.

UPI has been growing at a fast pace ever since its launch in November 2016. Last month, NPCI-owned digital payments railroad had crossed 500 million transactionmark.

At present, Paytm dominates the UPI ecosystem followed by PhonePe and Google Pay. In October, the SoftBank-backed firm had claimed 37 per cent of overall UPI transaction.

Meanwhile, Jio is also awaiting approval from NPCI for UPI service. Its entry along with WhatsApp will heat up competition in the segment.

With several behemoths have been competing in UPI ecosystem while some are awaiting regulator clearance, the road for Mi Pay won’t be smooth. Going forward, it would be interesting to watch how stalwarts fight for supremacy in the digital payments landscape.

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Source : https://entrackr.com/2018/12/xiaomi-upi-mi-pay/