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Paytm’s UPI market share drops to 9%, reaches lowest in four years. Is PhonePe gaining?

One97 Communications Ltd (OCL), parent company of Paytm, witnessed a drop of nine percent in its Unified Payments Interface (UPI) market share in March. This is its lowest level in the last four years, as per data available on the National Payments Corporation of India (NPCI) website. Paytm’s market share in February dropped to 11 per cent from January after the Reserve Bank of India barred Paytm Payments Bank Limited (PPBL)’s business operations. Since April 2020 when NPCI started sharing UPI apps transaction volume, this is Paytm’s lowest market share.

The interface of Indian payments app Paytm is seen in front of its logo. Paytm has seen its transaction value market share drop to 6.7%. (Reuters)

Paytm has also seen its transaction value market share drop to 6.7 per cent. This is also the lowest in a few years. Paytm had almost nine per cent market share in value during 2023.

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PhonePe saw its volume market share cross 50 per cent during the last two months while the second place was Google Pay’s which saw its market share rise by a couple of percentage points.

Paytm had 11-12 per cent market share in transaction volume during 2020 and 2021 which is now down to nine percent now. During 2018 and 2019, the company had around 40 per cent market share in UPI.

From March 15, Paytm has been functioning as a third-party application provider (TPAP) and not as a payments bank app which has likely resulted in drop in its market share. Paytm roped in Axis Bank, Yes Bank, SBI and HDFC Bank as its payment service provider (PSP) banks to be its partners in the TPAP.

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