NPCI’s BHIM Tops January UPI Charts, Overtakes CRED

The Bharat Interface for Money (BHIM) of NPCI outpaced FamApp and Kunal Shah-led CRED in terms of UPI transaction volume in January. It processed 17.2 Cr transactions totalling INR 22,025.9 Cr over the specified month. Additionally, the app's market share rose from 0.7% in December to 0.8% in January. Total UPI transactions for January reached a new all-time high of 21.7 Bn transactions worth INR 28.33 Lakh Cr, according to data from the National Payments Corporation of India (NPCI).

PhonePe Also Showed Improved Performance

Even while PhonePe's market share has been declining for a while, the company saw a little increase in January's transaction volume, reaching 991.3 cr. From December's 45.3% market share, the company's performance in the current month increased to 46.6%. For the month, its transaction value was INR 13.7 lakh Cr. The firm also submitted its revised draft red herring prospectus (UDRHP) for its OFS-only IPO in January, which is worth mentioning.

Through the initial public offering (IPO), investors in the Bengaluru-based company would sell up to 5.06 Crequity shares. Participating companies in the OFS include Walmart's WM Digital Commerce Holdings, which aims to sell 4.59 Cr shares; Microsoft, with 10.39 Lakh shares; and Tiger Global, with 36.78 Lakh shares.

Performance of Other Fintech Players

In January, there were 722.9 Cr transactions processed using Google Pay, down from 749 Cr the previous month. This represents a slight fall in Google Pay's market share. After processing 165.9 Cr transactions in January, totalling 1.81 Lakh Cr INR, Vijay Shekhar Sharma's Paytm had a small increase in its market share, and it logged transactions totalling INR 9.95 Lakh Cr. Among the top players in the UPI ladder, Sachin Bansal-led Navi remained in fourth place in January with 70.9 Cr transactions, up from 67.8 Cr in December.

The amount of transactions on Flipkart's super.money platform increased slightly to 29.8 Cr in the reviewed month from 28.7 Cr the month before. There was a small drop in market share for CRED and FamApp. The previous month's total sales were 15.6 Cr, down from 15.7 Cr in December. However, despite a little drop in market share, FamApp's transaction volume jumped to 16.1 Cr in January from 15.9 Cr the previous month.

As important as domestic metrics are, expanding internationally is still a top priority. To further expand UPI's cross-border presence, NNPCI's international arm joined with Payments Network Malaysia this week . This partnership will enable interoperable QR-based transactions between the two nations. International growth and artificial intelligence are two fronts on which the Centre is concentrating its efforts to extend India's UPI.