The January transactions showed that Paytm led in Unified Payments Interface (UPI) transactions which was closely followed by Google Pay and PhonePe as per information available.
UPI is gaining further grounds leading to a competitive field in the payments area.
Paytm showed more than 221 million transactions, while Google Pay and PhonePe were at about 220 million each, as per information availalbe.
However PhonePe, contended that in total it had 225 million transactions worth Rs 30,000 crore in January.
UPI recorded around 672 million transactions in January as compared to 620 million in December.
Details of Google Pay and Paytm were not available.
While the number of transactions has jumped, peer-to-peer (P2P) transactions still dominate.
It is also learnt that the total number of merchant transactions is not more than 100-120 million per month.
However, merchant payments are growing as non-bank entities are pushing those transactions, including the number of UPI payments for cab rides which is recording almost 2 million per month.
The government-promoted Bharat Interface for Money (BHIM) has been losing steam over the past few months as more transactions are flowing through private non-banking applications.
Latest numbers shared by NPCI reports 14 million transactions of BHIM January 2019 which has fallen down from 17 million in December 2018.
Also a closer look at the number reveals that the amount of funds settled per BHIM transaction is still the highest in the industry, which means that people are using the application because they choose to and not because of incentives, which have declined.
January figure showed that an average amount per transaction on BHIM stood at Rs 4,436. It’s been in that range over the past three months.
The average ticket size of a UPI transaction is about Rs 1,600 and possibly would be in the range of Rs. 1,907 for Paytm, Rs 1,300 for PhonePe and around Rs 100 for Google Pay per transaction.