UPI Wars: Paytm Beats Google Tez, Claims Nearly 40 Per Cent Market Share In February 2018 UPI Transactions

Paytm has announced that it is the largest contributor to transactions carried out using the Unified Payments Interface (UPI), claiming that it has carried out 68 million UPI transactions in February 2018 alone, reports Inc42.

Data released by the National Payments Corporation of India (NPCI) shows the total number of UPI transactions in February at 171.4 million – 13.5 per cent more than the 151 million transactions in January. The value of transactions stood at Rs 9669.3 crore, Rs 13,174.2 crore and Rs 15,571.2 crore for the months of November, December and January respectively. Paytm launched complete UPI integration in January this year.

The Noida-based financial services firm’s contribution to UPI transactions has seen a significant rise, going from 51 million in January to 68 million in February. With 6 million merchants using Paytm for UPI, it currently leads the market in overall financial transactions, including non-UPI transactions.

Data from the Reserve Bank of India (RBI) shows the total value of digital payments in the country rising to a staggering $2 trillion or Rs 131.95 trillion in January 2018.

Google meanwhile has not specified how many transactions have been carried out using its Tez app, but did say that it has clocked over 250 million transactions since its launch in September 2017.

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