The number of transactions through BHIM UPI more than doubled to 273 crore in March 2021, according to the National Payments Corporation of India (NPCI) data.
In March 2020, around 125 crore transactions took place through BHIM UPI. The value of UPI transactions during the month stood at Rs 5,04,886 crore against Rs 2,06,462 crore in the same month a year ago.
In February 2021, the number of BHIM UPI transactions were 229 crore valued at Rs 4,25,062 crore. The real time settlement with IMPS carried out 36.31 crore transactions worth Rs 3,27,234.43 crore in March 2021. Of the others, the Bharat Billpay transactions were 3.52 crore of Rs 5,195.76 crore during the month and the transactions through NETC FASTag for automatic toll collection at toll plazas stood at 19.32 crore worth Rs 3,086.32 crore, the NPCI data showed.
Google Pay had registered 857.8 million transactions in October and reached a peak of 960 million transactions in November, commanding close to 43% market share in UPI payments. The platform has seen a continuous drop in transactions since. It recorded 854.4 million transactions in December, 853.5 million in January, and 827.86 million in February.
UPI market leader PhonePe also crossed a billion UPI transactions in March.
Last week, NPCI defined its standard operating procedure on the 30 per cent market share cap on UPI transactions for third-party app providers such as Google Pay and PhonePe. On crossing the 30 per cent mark, apps and their partner banks will have to stop signing up new users with immediate effect. However, NPCI stated that it may grant exemptions based on justifications provided.
Other payment instruments operated by NPCI also witnessed growth. Immediate Payment Service saw transactions rise to 363.14 million in March from close to 318.79 million in February. FASTag transactions also grew to 193.21 million in March from 158.96 million in February 2021.
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