UPI Payment Space
A Market Outlook
A Report By: www.123mylist.com
Last Updated: 2 Mar 2019

What is UPI
▪ UPI stands for Unified Payment Interface
▪ Launched in Jan 2016
▪ It works on VPA (Virtual Payment Address) which
is like an email id to which money can be
transferred instantly using IMPS (Immediate
Payments Service) without disclosing sensitive
bank account details like account number, payee
name, ifsc code, etc.
▪ UPI is the advanced version of IMPS.

Available UPI apps in the Market
1. SBI Pay
2. HDFC Bank Mobile banking
3. ICICI Pockets
4. Axis Pay UPI app
5. Union Bank UPI app
6. PNB UPI
7. PhonePe
8. Canara Bank UPI - emPower
9. United UPI (from United Bank of India)
10. Andhra Bank One
11. Bank of Maharashtra - Maha UPI
12. Vijaya UPI
13. South Indian Bank - SIB M-Pay
14. KBL Smartz UPI
15. OBC - Oriental Pay
16. DCB Bank UPI
and many more….

3 Key UPI Players in India
Volume of Transactions during Jan 2019
1. Paytm - 221 Mn
2. Google Pay - 220Mn
3. PhonePe - 220Mn
Paytm
221Mn
Google Pay
220Mn
PhonePe
220Mn

Industry Landscape
▪ National Payments Corporation of India (NPCI) reports month-wise
transactions to be increasing as follows:

Industry Landscape Contd...
▪ Jan 2019 recorded 672.75 Mn transaction valued at Rs.
1.09 Lakh crore
▪ Feb 2019 recorded 674.19 Mn transaction valued at
Rs. 1.06 Lakh crore.
▪ Average daily transaction volume in Jan 2019 was
21.70 Mn transactions.
▪ Average daily transaction volume in Feb 2019 was
24.07 Mn transactions.
▪ Growth in daily transaction is at 10.95%

Merchant Overview
▪ Total number of merchant transaction is
not more than 100-120 Mn per month
▪ UPI Payments for cab rides is hitting 2
Mn per month and increasing
considerably

Govt. Promoted - BHIM
▪ Govt promoted BHIM is losing pace with in UPI
battle due to deep discounting/offers provided by
private players.
▪ BHIM reported 14 Mn transaction in Jan 2019,
compared to 17 Mn transaction in Dec 2018.
▪ In Feb 2019, BHIM reported 12.83 Mn transaction
compared to 14 Mn transaction in Jan 2019. An
8.22% Downfall.
▪ But the average transaction size is still the
highest with BHIM compared to other apps.

UPI transaction metrics
As per Jan 2019 Data,
▪ Average ticket size of UPI transaction stands at Rs. 1600.
▪ Average ticket size of BHIM stood at Rs. 4436.
▪ Average ticket size of Paytm UPI could be Rs. 1907
▪ Average ticket size of PhonePe UPI could be Rs. 1300
▪ Average ticket size of Google Pay could be Rs. 1200
Source: Economic Times

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