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Home Technology WhatsApp Saw Dip in UPI Transaction Volume in January, NPCI Data Reveals

WhatsApp Saw Dip in UPI Transaction Volume in January, NPCI Data Reveals

WhatsApp seems to haven’t been in a position to persuade extra customers to utilise its funds characteristic because the app obtained detrimental progress by way of UPI transactions in January, in keeping with the Unified Funds Interface (UPI) knowledge launched by the Nationwide Funds Company of India (NPCI). Nevertheless, PhonePe continued to guide UPI apps with a complete market share of 41.21 p.c by way of transactional quantity of all 56 apps (2.35074 billion transactions) reported by NPCI. The sturdy place of the Walmart-owned app has made it more durable for Google Pay to return to the highest place because it’s nonetheless at second place.

The information posted on the NPCI website reveals that UPI transactions through WhatsApp declined almost 31 p.c to 560,000 in January from 810,000 in December. Regardless of the numerous drop within the transaction quantity, the app owned by Facebook was in a position to obtain over 22 p.c improve in funds worth that got here to Rs. 36.44 crores in January. It was up from the Rs. 29.72 crores reported a month earlier. Its market share by way of transaction quantity, nonetheless, was a measly 0.02 p.c.

WhatsApp received the go-ahead for its anticipated funds characteristic in November — although in a graded method. The preliminary restriction alongside restricted adoption and the current criticism over its privacy policy update might be among the many key causes for its poor efficiency.

In distinction, PhonePe processed 968.72 million transactions in January that had been value Rs. 1,91,973.77 crores. The transaction quantity on the PhonePe app was up by 7.39 p.c over 902.03 million transactions famous in December. The worth of transactions processed by PhonePe additionally grew over 5 p.c within the final two months.

Following PhonePe, Google Pay got here second with 853.53 million transactions value Rs. 1,77,791.47 crores in January. The Google app noticed 0.1 p.c decline in its transaction quantity from 854.49 million in December that had been value Rs. 176,199.33 crores. Its market share by way of transaction quantity was 36.31 p.c.

Paytm Payments Bank continued at third spot with 281.18 million customer-initiated transactions value Rs. 33,909.50 crores in January. Its market share by way of transaction quantity was 14.15 p.c. The app noticed over 9.6 p.c improve in its customer-initiated transaction quantity and over 8.36 p.c in worth when in comparison with the December knowledge. It was adopted by Amazon Pay that processed 46.30 million transactions value Rs. 4,044.38 crores, and its market share by way of transaction quantity was 1.97 p.c.

NPCI’s BHIM app processed 23.38 million transactions in January that had been amounting to Rs. 7,462.94 crores. It noticed a 5.72 p.c dip in transaction quantity and three.68 p.c in worth over the information offered for December. Its market share by way of transaction quantity was 0.99 p.c.

Total, UPI transactions within the nation grew 3.06 percent to 2,302.73 million in January. These transactions had been value Rs. 4,31,181.89 crores in whole, up from the Rs. 4,16,176.21 crores in December, as per the NPCI knowledge.

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