Although the integrated payment interface transaction (UPI) was dipped slightly for the first time in five months by 0.4 percent to 7.6 lakh crore Rs in November after recording a high RS 7.7 transaction.
The lakh crore in October was led by the season’s Festival, the market share only increased this year in the digital payment ecosystem, which included Neft, Imp, Upi, Credit Card, and Debit Cards.
“UPI’s market share has increased from 8.1% to Jan’20 to 11.7% on Mar’21 and 20.3% in October’21.
The ratio of UPI consumes credit card costs continues to increase gradually from 3.24x at 20 Up to 6.97 x at Mar’21 and 7.6x in the OCT’21.
In terms of volume, the upi transaction grew 104% October’21, “said ICICI Securities in a note.
In UPI, the two biggest players are Phoneepe and Google pay with a market share of 46.3% and 36.4% respectively.
Launched in 2016, UPI has seen extraordinary adoption and crosses 1 billion transactions for the first time in October 2019.
A year later in October 2020, UPI processes more than 2 billion transactions, and in October 2021, it crosses a value of $ 100 billion.
In October, Phonepe led UPI’s numbers with a 193 Crore transaction worth Rs 3.65 lakh Crore.
Google Pay comes to relax with 145 crore transactions worth Rs 2.87 lakh crore.