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Paytm UPI payments drop in February following RBI action

Economic Times · 1y

India's Paytm, one of the leading players in the Unified Payments Interface (UPI) market, experienced a 7.6% drop in transactions in February due to regulatory action against its subsidiary, Paytm Payments Bank. In comparison, competitors PhonePe and Google Pay saw an increase in transactions. PhonePe reported 6.1 billion transactions, while Google Pay reported 4.7 billion. This decline highlights a trend of customers moving away from Paytm towards its rivals in the UPI payments space. The regulatory action by the Reserve Bank of India only affected Paytm's UPI business, allowing it to continue as a third-party payment application.