Competition in the digital payment industry gets tougher, with all all three major digital payment interface running in the narrow race for number one.
As per the available data, in January Paytm recorded around 221 million UPI transactions over its interface, while the other two digital payment market player, PhonePe and Google Pay, fell marginally short of Paytm and recorded 220 million transactions each.
The government backed BHIM (Bharat Interface For Money) was only used for 14 million UPI transactions. The government promoted digital payment interface, is slowing loosing its ground to Paytm and PhonePe, despite the rigorous advertisement by the government. But the amount of money transactioned per payment is still highest for BHIM, currently at Rs 4,436, leaving Paytm far behind which stood at approximately Rs 1,907 for Paytm.
PhonePe and Google Pay performed better than Paytm in terms of average amount per UPI transaction, with former at Rs 1,300 while the latter at Rs 1,200.
As per the National payment Corporation of India (NPCI) the total number of UPI transaction stood at 672 million transaction during the month of January, which was a notch high from 620 million in the December month of the last year.
Competition in the digital payment market space is getting higher every month since the arrival of new players like Flipkart backed Phonepe and Google Pay.
The Narendra Modi government is stressing for the digital banking for its endeavor of making India “Digital India“, especially after demonetization.