In the UPI usage run, Paytm clocked more than 221 million transactions, while Google Pay and PhonePe were at about 220 million,. PhonePe, however, told leading financial news, across all payment modes it had 225 million transactions worth Rs 30,000 crore in January.
Leading financial news has sourced the individual split of the top three largest payment players from multiple sources. Overall, UPI clocked around 672 million transactions last month, up from 620 million in December. Google Pay did not provide specific numbers and Paytm didn’t respond to queries.
Even as the number of transactions has jumped, peer to peer (P2P) transactions still dominate.
“As per internal calculations, the total number of merchant transactions is not more than 100 to 120 million per month,” said a senior banker on condition of anonymity. “However, merchant payments are growing as nonbank entities are pushing those transactions. Even the number of UPI payments for cab rides is recording almost 2 million per month, growing at a considerable pace.”