Growth in UPI Payment : Due to the festive season in India, people shop heavily in October. During this, people gave more importance to digital payment than cash for payment. This is the reason why there was an unexpected increase in UPI (Unified Payments Interface) transactions in October 2021. People have made payment through different UPI apps. In the case of highest payment, PhonePe remained at number-1. Let us know how many UPI transactions took place in October 2021 and how was the performance of Paytm and Google Pay.
Transactions worth Rs 7.71 lakh crore
Talking about the value of transactions done through UPI in October 2021, then a total of Rs 7.71 lakh crore was transacted. On the other hand, talking about the number of transactions, people did 421 crore transactions from UPI in October 2021. Both these figures are at their all-time high. On the other hand, if we talk about UPI transactions in dollar terms, then it has crossed the record of 100 billion dollars. With the pace at which UPI transactions are increasing in India, it will soon cross $1 trillion and this will prove to be a milestone for FY 2022.
PhonePe continues to dominate
PhonePe was on top in terms of UPI transactions. That is, most people did UPI through this. In October 2021, 193 crore transactions were done from PhonePe. This is 19 percent more than the 165 crore transactions done in September 2021. Talking about the transaction value from PhonePe in October 2021, it stood at Rs 3.65 lakh crore, which was Rs 3.06 lakh crore in September 2021. The company’s market share was 47 percent in total UPI transactions in October 2021, while PhonePe had a 45% market share in terms of transaction value through UPI in this month.
GooglePay surpasses Paytm
GooglePay ranked second in October 2021 with 145 crore transactions. If we talk about the total value of the transaction done on Google Pay, then it was Rs 2.87 lakh crore. In this month, the company registered a growth of 12 percent in terms of transactions, while the increase in transaction value was 15 percent. GooglePay’s market share in the number of UPI transactions remained stable at 34 per cent. At the same time, the share of the company in the total value of the transactions done in October 2021 was 37 percent.
Paytm also registered an increase
Paytm has registered a growth of 34 percent in terms of transaction value in October 2021. The total value of payments made through Paytm stood at Rs 80,508 crore. This is 10 percent of the total market share of the transaction value. The company has also registered an increase in the number of transactions in this month. In October, there were 63 crore transactions of Paytm UPI. This is 15% of the market share of UPI transactions.
WhatsApp-pay increased for the second consecutive month
On the other hand, WhatsApp-Pay has registered a double increase in transactions for the second consecutive month. The transaction figure reached 26 lakh in October 2021 as compared to 10 lakh transactions in September 2021. Talking about the total value of UPI transactions done on WhatsApp-Pay, it increased by 67 percent to Rs 104 crore in October 2021, compared to Rs 62.31 crore in September.
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