Unexpectedly since its beginning, Unified Payments Interface or UPI has crossed Rs 4 trillion worth exchanges in a month. As per NPCI, the advanced installments framework has recorded 2.23 billion exchanges adding up to Rs 4,16,176.21 crore or Rs 4.16 trillion in December 2020.
This is a 1% bounce in volume and a 6.4% flood in an incentive for UPI from November which had seen 2.21 billion exchanges worth Rs 3,90,999 crore.
Google Pay and PhonePe control over 80% piece of the overall industry in the UPI biological system. As of November, Google Pay had the biggest piece of the pie with 960.02 million exchanges through UPI followed by PhonePe’s 868.40 million. Be that as it may, PhonePe had handled more exchanges regarding an incentive during the month.
Information uncovered by NPCI indicated that PhonePe had recorded Rs 1,75,453.85 crore worth exchanges while Google Pay recorded Rs 1,61,418.19 crore as far as the estimation of the exchange in November.
NPCI is yet to distribute the piece of the pie for UPI-empowered applications in December.
In November, NPCI had permitted another player to enter the UPI environment. Facebook-claimed WhatsApp Pay was given the endorsement to go live on UPI in the multi-bank model. As per NPCI, WhatsApp Pay can grow its client base in an evaluated way beginning with a greatest enlisted client base of 20 million in UPI. WhatsApp Pay, which started its rollout for additional clients from early November, recorded simply 3.1 lakh UPI exchanges worth Rs 13.87 crore in the month.
As of late, RBI lead representative Shaktikanta Das had said that NPCI will be given the alternative to change over itself into a revenue driven substance. As indicated by Das, a revenue driven proposition for NPCI will guarantee that there is a level battleground for new participants and NPCI.
It’s significant that transformation of NPCI into a revenue driven association will require endorsement from the Ministry of Finance, RBI, and an alteration in the Payment and Settlement Systems Act.