Fintech company Paytm has once again witnessed a slump in its UPI transactions for the third consecutive month in April 2024. As per National Payments Corporation of India (NPCI), Paytm saw a 9% downturn in UPI volume for the month, recording 1,117.13 million transactions in April, compared to 1,230.04 million transactions in March this year
Likewise, as per Business Standard, Paytm's market share within the UPI applications’ ecosystem contracted for the third consecutive month — to 8.4% in April, down from 10.8% in February and 9.13% in March.
However, Paytm remains the third largest player in the UPI ecosystem. It was followed by CRED which processed 138.46 million transactions in April, a fraction of Paytm's volume.
PhonePe tops the list that has processed 6,500 million transactions and Google Pay comes second with 5,027.3 million transactions. Both PhonePe's and Google Pay's combined share in overall transactions stood at 86.6%.
As per Business Standard, PhonePe's share rose from 47.3% to 48.8%, while Google Pay's increased from 36.7% to 37.8% between February and April. This gain by both PhonePe and Google Pay comes after the Reserve Bank of India's regulatory actions against Paytm Payments Bank.
Paytm users migrated to new payment service provider (PSP) bank handles with State Bank of India (SBI), Axis Bank, HDFC Bank, and YES Bank.
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