In February, the Unified Payments Interface (UPI) transactions witnessed a 6% decline from the previous month, totaling 20.39 billion transactions valued at ₹26.84 lakh crore, a 5% decrease from January. This dip is attributed to February having fewer days.
Despite the decline in volume, the daily average transactions increased to 728 million, with an average daily transaction amount of ₹95,865 crore. PhonePe maintained its lead in UPI volume, while GooglePay secured the second position, indicating a competitive landscape shift with smaller players gaining momentum.
One significant development shaping the digital payments landscape is UPI’s global expansion. The international collaboration between NPCI and Payments Network Malaysia to enable interoperable QR-based transactions reflects UPI’s growing influence beyond India’s borders.
As the NPCI prepares to release app-wise data for February, the tech community anticipates insights into market trends and player performance, which may lead to further innovations and strategies in the evolving digital payments space.
Source: Inc42 Media