Paytm UPI volume down 9% in April, records third consecutive month of decline in user transactions, says report

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Paytm marked a third consecutive month of decline in terms of Unified Payments Interface (UPI) transactions in Apri 2024, Business Standard reported. Data from the National Payments Corporation of India (NPCI) showed Paytm saw a 9 per cent 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, it added. Also Read | Paytm: Two more top executives depart amid restructuring efforts Consequently, Paytm's market share within the UPI applications’ ecosystem contracted for the third consecutive month — to 8.4 per cent in April, down from 10.8 per cent in February and 9.13 per cent in March, as per the report.

However, despite the decline, Paytm maintained its position as the third largest player in the UPI ecosystem due to the significantly smaller scale of other players. Cred, for example, took the fourth spot. It processed 138.46 million transactions in April, a fraction of Paytm's volume, it added.

Also Read | Paytm to offer ₹100 cashback to UPI users post NPCI approval for migration to PSP banks PhonePe and Google Pay remain the top two players, processing 6,500 million and 5,027.3 million transactions, respectively, in April. Their combined share in overall transactions stood at 86.6 per cent, the report noted. PhonePe's share rose from 47.3 per cent to 48.8 per cent, while Google Pay's increased from 36.7 per cent to 37.8 per cent between February and April, it said.