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Home digital payments WhatsApp Pay doubles its UPI transactions volume month-on-month

WhatsApp Pay doubles its UPI transactions volume month-on-month

WhatsApp Pay handled 0.81 million UPI transactions worth Rs 29.72 crore, an increase of more than 100 percent in both volume and value compared to November, according to NPCI results.

New Delhi: Facebook-owned WhatsApp Pay doubled the number of UPI transactions in December, only shy of processing a million payments.

Despite delayed entry into the fast-growing Unified Payments Interface (UPI) ecosystem, WhatsApp Pay processed 0.81 million UPI transactions worth Rs 29.72 crore, an improvement of more than 100 percent in both volume and value compared to November, according to data released by the National Payments Corporation of India (NPCI).

Rivals PhonePe and Google Pay have handled 902.03 million and 854.49 million transactions, respectively.

Walmart Inc.-owned PhonePe overtook Google Pay as the most commonly used UPI programme in the month, enabling transactions worth Rs 1.82 Lakh Crore, with a market share of 40 percent. Together PhonePe and Google Pay have handled approximately 80 per cent of the total volumes on the NPCI-owned retail payment network, with Paytm Payments Bank App being the next-most-used platform, Processing of payments of 261.09 million.

A total of 2.2 billion transactions worth Rs 4.16 lakh crore were processed by UPI in December.

More than 40% of these transfers were made to certified traders and were listed as peer-to-market (P2M) transactions, the remainder were peer-to-peer or P2P transactions.

UPI’s top remittance bank, the Indian State Bank’s technical decline rate, soared to 8.96 per cent from 3.12 per cent in November, second only to Union Bank of India, which had the highest technical decline rate of 10.75 per cent in December.

Bank-owned apps, such as those run by HDFC Bank, Axis Bank and ICICI Bank, were among the 10 most commonly used UPI apps along with Paytm Payments Bank.

Unlike Google Pay and PhonePe, who will have to reduce their market share to less than 30% by the end of this year, the caps for others are expected to kick in this month.

NPCI’s BHIM application retained its position as the fifth most commonly used payment app, with 24,80 million transactions worth Rs 7,748,29 crore per month, the data shows.

khushbu
Khushbu Sonihttps://www.cionews.co.in
Chief Editor - CIO News | Founder & CEO - Mercadeo

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