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Over 45 billion transactions were carried out through the unified payments interface (UPI) in the fiscal year 2022, between April 2021 and March 2022. These transactions accumulated up to ₹84 lakh crore in the same time frame.
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This was nearly double of 22 billion transactions worth ₹41 lakh crore that was carried out in the previous fiscal year. This leaves no doubt that UPI is currently among one of the most popular digital payments systems available in India.
Walmart-owned PhonePe has facilitated most of it, especially in the last fiscal. A simple calculation based on the monthly payments data shared by National Payments Corporation of India (NPCI) has revealed that PhonePe carried out 20.7 billion UPI transactions in FY2022. This is roughly 46% of the overall transactions.
It was followed by Google Pay, which facilitated 35%, or 15.8 billion, of such transactions. Paytm, or rather Paytm Payments Bank, continued to be a distant third biggest UPI app in the same fiscal with close to 13% market share.
WhatsApp carried out 17 million transactions. BI India
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Well, this was all about the volume of transactions. The values or the amount transferred by these apps also showed a similar trend in FY2022.
PhonePe continued to retain the top spot by facilitating transactions worth ₹39 lakh crore, which represents 46% of the overall transaction value. It was followed by Google Pay with 36% of overall transactions, with transactions worth ₹31 lakh crore. Paytm carried close to 8% UPI transaction in terms of number of value.
Both WhatsApp and Amazon Pay have less than 1% market share in terms of value of transactions. BI India The next thing on the Reserve Bank of India’s (RBI) agenda is to make UPI more inclusive by enabling it for feature phone users and in offline mode. The central bank launched UPI123Pay earlier in March especially for this purpose.
