UPI had crossed 5 lakh crore($66 Billion) transaction value every month around May,2021 as mentioned in my previous posts.
Latest news indicates it has crossed 100 Billion Dollars this October,2021. Hence FY,2021-22 is going to see for the first time UPI transaction value of more than 1 trillion dollars.
Among other updates is that One97 communications or the parent company of PayTM has launched a rather muted IPO. Its shares are down by a large margin after being allotted at ₹ 2150/- a piece.
PhonePe has emerged as the market leader with share of 47% in the UPI payment space followed by Google Pay which has a market share of 33% and PayTM with 10% share. Other players in the market include Amazon Pay and WhatsApp Pay.
Mobile Banking apps like iMobile and SBI Yono too have a significant market share.
RBI has woken up from slumber and made efforts at enabling UPI on feature phones. They are also reportedly working tackling the problem of small value transactions hitting the Core Banking System and cluttering the system.
RBI has proposed that all applications like GooglePay and PhonePe would be able to transact using UPI via their wallet balance which will not reflect in the bank passbook.
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