NPCI announced Thursday that it had added 19 new shareholders, including Amazon Pay, PhonePe and Paytm, Inc42 reported. NPCI was founded in 2008 as a non-profit company to support innovation in retail payments in India. According to NPCI, its UPI completed 5.39 billion transactions worth Rs 87,697 crore in fy2020, with a 490% increase in transactions and a 700% increase in transactions, mainly driven by three payment services – Google Pay, PhonePe and Paytm.
At the same time, the Latest data released by the National Payment Corporation (NPCI) showed that India’s UPI digital transactions set a new record in November, with 1.1 billion transactions worth Rs 2.06 trillion in the first 15 days. In the first 15 days of October, uni-Pay handled 1.013 billion transactions worth Rs 191 crore.
If this trend continues, India’s single payment interface should complete 2.25-23 billion transactions in November. Due to the novel Coronavirus epidemic spreading, people in most countries have increased various expenses of mobile payment and reduced the need for direct contact payment with cash for fear of infection of virus. Since April, transactions in Google Pay, PhonePe, Paytm and other payment apps based on India’s unified payment interface have grown rapidly. Google Pay, owned by Google, has been dominant in the number of transactions processed in the Indian unified payment interface ecosystem, followed by PhonePe and Paytm, which control nearly 95 per cent of the Indian unified payment interface market.
On the other hand, the recent Diwali sales season appears to have been one of the main reasons for the surge in transactions at the Unified Payment Interface in India, according to market analysts.