Paytm App is the preferred method of UPI transactions. Out of total 405.87 million transactions, 137 million transactions happened through the Paytm App. Thus Paytm has the market share of 34% UPI Payments. It has achieved this feat despite the late entry into the UPI Payment system. This data also tells us that there has been 45.66 lakh UPI transactions daily through the Paytm during the September.
Offline UPI Payments in Paytm
Paytm has informed that it is also enabling the BHIM UPI for offline payments. It would help to the small retailers who don’t have a good data connectivity. Many people can’t use UPI because of the poor Internet. Paytm has registered 9.5 million merchants. Out of this 5 million are offline merchants. Thus, the new feature would certainly help them and also boost the UPI payments.
“It is encouraging to see the widespread adoption of Paytm BHIM UPI as it is fast becoming a preferred payment method for millions of users, making us the leader in UPI payments,” said Deepak Abbot, Senior Vice President, Paytm.
Paytm is originally a mobile wallet which facilitates the bill payments and recharges. But now it has also adopted the UPI after the launch of Paytm payment bank. Today, 20% of the Paytm transactions are the UPI payments.
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Rapid Growth of UPI
Meanwhile, UPI transactions are growing rapidly. The transactions in September was 30% higher than the August. According to the data from NPCI, In August there have been 312 million transactions. It has grown to 405.87 million in September. In terms of Value, there have been UPI transactions of 54,212 crores in September. It was a 10.3% jumps compared to August 2018.
— NPCI (@NPCI_NPCI) October 1, 2018
|Month||Number of UPI Transactions (crores)||Value of UPI Transaction (₹Crores)||Average Value of Per Transaction|
While the number of UPI transactions are growing the value of per transaction is declining. In the August 2018, the average value of per transaction was 1737, It came down to 1474 in September 2018 (Refer to above table)
Besides Paytm there are many other apps which are boosting the UPI transaction. Today, 122 banks have adopted the UPI payments. Among these banks, many have their own UPI app. But, the leaders of the UPI payments are non-bank UPI apps.