Parliamentary panel asks govt to promote Indian fintech players
10 months, 1 week ago

Parliamentary panel asks govt to promote Indian fintech players

Hindustan Times  

The parliamentary standing committee on communications and information technology has asked the government to promote local Indian players in the fintech sector following a submission by the ministry of electronics and information technology which said that Walmart-owned PhonePe and Google Pay account for 83.3% of the UPI market in the county. Tabled in Lok Sabha on February 8, the panel’s report, ‘Digital Payment and Online Security Measures for Data Protection’, said, “he Committee recommend that there should be focus on promotion of local Indian players in fintech universe. MeitY submitted that Walmart-owned PhonePe accounted for 46.91% of the volume of UPI transactions between October and November 2023 while Google Pay accounted for 36.39%. By volume, UPI transactions accounted for 73.5% of all digital payments in FY23 but in terms of value, they accounted for 6.668%, a proportion that has steadily increased from 0.536% in FY19.

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History of this topic

Paytm’s market share Continues to fall after RBI crackdown
6 months, 2 weeks ago

Paytm’s market share Continues to fall after RBI crackdown

Hindustan Times  

Paytm’s market share among India’s online payment apps, fell for a fourth straight month as the fintech pioneer struggles to recover from the Reserve Bank of India ordering its affiliate, Paytm Payments Bank to shut down, according to a Bloomberg report. Paytm Payments Bank isn’t actually controlled by Paytm, but is part of founder and CEO Vijay Shekhar Sharma’s fintech …

India plans to curb Google, PhonePe’s dominance in mobile payments: Report
8 months ago

India plans to curb Google, PhonePe’s dominance in mobile payments: Report

The Hindu  

India’s governing body overseeing the country’s Unified Payments Interface mobile payments system is set to engage with fintech startups to develop a strategy to address the growing market dominance of companies including PhonePe and Google pay in the UPI ecosystem. The National Payments Corporation of India plans to meet executives from companies including CRED, Flipkart, Fampay, and Amazon to discuss …

Paytm's UPI market share drops to 9%, reaches lowest in four years. Is PhonePe gaining?
8 months, 2 weeks ago

Paytm's UPI market share drops to 9%, reaches lowest in four years. Is PhonePe gaining?

Hindustan Times  

One97 Communications Ltd, parent company of Paytm, witnessed a drop of nine percent in its Unified Payments Interface market share in March. Paytm's market share in February dropped to 11 per cent from January after the Reserve Bank of India barred Paytm Payments Bank Limited 's business operations. Since April 2020 when NPCI started sharing UPI apps transaction volume, this …

Paytm crisis: India’s Paytm crackdown spooks retailers; Walmart, Google swoop in
10 months, 2 weeks ago

Paytm crisis: India’s Paytm crackdown spooks retailers; Walmart, Google swoop in

The Hindu  

Hit by a regulatory crackdown, India's Paytm is mobilising its sales team to reassure the merchants who use its app to accept digital payments just as Walmart and Google are targeting those same vendors with their rival offerings. But many merchants are now refusing to deal with Paytm after India's central bank last week asked its banking unit - which …

Paytm beats GooglePay and PhonePe, as India's highest revenue earner in financial services and mobile payments
1 year, 7 months ago

Paytm beats GooglePay and PhonePe, as India's highest revenue earner in financial services and mobile payments

India TV News  

Paytm, an Indian fintech giant has reported its financial performance for FY23, where its revenues swelled to Rs 7,991 crore for the fiscal year. To put it into perspective, Paytm's Q4 revenues of Rs 2,334 crore were still ahead of PhonePe's revenues of Rs 1,912 crore for the first nine months of the calendar year 2022. In the fourth quarter, …

RBI Mulls Addressing Monopoly of PhonePe, Google Pay in UPI Space; Deputy Guv Explains
2 years, 3 months ago

RBI Mulls Addressing Monopoly of PhonePe, Google Pay in UPI Space; Deputy Guv Explains

News 18  

Reserve Bank of India deputy governor T Rabi Sankar on Wednesday said that the central bank was going to find a solution to the problem of payments done on the United Payments Interface getting concentrated on two big players — Google Pay and PhonePe. We are also looking at Europe to see how we can address this issue,” said T …

How RTGS and NEFT has changed digital payment scenario in India
2 years, 3 months ago

How RTGS and NEFT has changed digital payment scenario in India

Firstpost  

India has made astounding progress in the payment ecosystem and has outrun the rest of the nations in terms of volume, value and the real-time nature of payments Automation, digitalisation and information technology have completely transformed the world’s industries and enterprises. The Reserve Bank of India has been patronizing the largest clearing and settlement system in the globe and reaped …

The other digital divide
3 years, 1 month ago

The other digital divide

The Hindu  

“Your phone is your wallet,” said Bill Gates in 1996. When smartphones and apps took over, Internet banking moved to apps and IMPS transformed into mobile wallets, which was one step removed from your bank account. Pick an app, download and install it on your smartphone, authenticate your SIM through an OTP process, enable your mobile number-linked bank account, and …

PhonePe Continues to Lead UPI Payments Space With 42% Share, Paytm Remains Distant Third
3 years, 9 months ago

PhonePe Continues to Lead UPI Payments Space With 42% Share, Paytm Remains Distant Third

News 18  

Digital payments company PhonePe has said the platform emerged as the largest player on UPI merchant transactions capturing over 42 percent of the overall market share in February 2021. The latest data on the National Payments Corporation of India website shows that the digital payments platform had witnessed over 975.53 million UPI transactions, worth Rs 1.89 lakh crore for the …

PhonePe Continues to Lead UPI-Based Payments Market With Over 970mn Transactions in February 2021
3 years, 9 months ago

PhonePe Continues to Lead UPI-Based Payments Market With Over 970mn Transactions in February 2021

News 18  

PhonePe continued to lead the UPI-based digital payments market in India in February 2021, with over 970 million transactions, the company announced earlier today. The National Payments Corporation of India website shows that roughly 2,292 million UPI transactions worth Rs 4,25,062 crores took place in India last month, though the full report is yet to be shared. PhonePe’s domestic rival …

UPI Payments via Google Pay, PhonePe and More May Not Function Properly For Few Days, Here's Why
3 years, 11 months ago

UPI Payments via Google Pay, PhonePe and More May Not Function Properly For Few Days, Here's Why

News 18  

Customers using UPI for online transactions may face errors between 1 AM to 3 AM IST for the next few days as the National Payment Corporation of India is upgrading its digital payment platform. The development essentially means that users who are transacting through the UPI gateway via BHIM or third-party apps such as Google Pay, Paytm and PhonePe may …

PhonePe Finally Overtook Google Pay In UPI Payment Stakes And That Is Crucial As UPI Cap Is Live
3 years, 11 months ago

PhonePe Finally Overtook Google Pay In UPI Payment Stakes And That Is Crucial As UPI Cap Is Live

News 18  

It has been a fairly long battle between digital payment apps Google Pay and PhonePe saw a new winner in December, with PhonePe taking the lead in the monthly UPI transactions. According to the latest numbers by the National Payments Corporation of India, PhonePe clocked 902.03 million user-initiated transactions in December which amounted to a value to Rs 182,126.88 crore. …

UPI recorded 2.23 billion transactions worth Rs 4.16 trillion in December 2020 reports NPCI
3 years, 11 months ago

UPI recorded 2.23 billion transactions worth Rs 4.16 trillion in December 2020 reports NPCI

Firstpost  

Unified Payments Interface or UPI has crossed Rs 4 trillion worth transactions in a month. The digital payments system has recorded 2.23 billion transactions amounting to Rs 4,16,176.21 crore or Rs 4.16 trillion in December 2020, according to NPCI. This is a one percent jump in volume and a 6.4 percent surge in value for UPI from November which had …

Google Pay, PhonePe account for 86% of UPI transactions by value in Oct: NPCI
4 years ago

Google Pay, PhonePe account for 86% of UPI transactions by value in Oct: NPCI

Live Mint  

NEW DELHI: Payments operators, Google Pay and PhonePe, seem to have a stranglehold on the unified payments interface market in India. According to October data from the National Payments Corporation of India, published for the first time, Google Pay accounted for 857.81 million transactions, while PhonePe came in second with 839.88 million transactions. The data said ₹1,65,654.71 crore worth of …

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