Paytm suffers Big jolt, Its UPI Market Share declines for Fourth Straight Month

Payment services company Paytm, which has been facing difficulties for the last few months, has seen its share in Unified Payments Interface (UPI) transactions fall for the fourth consecutive month. In May, Paytm’s share in total UPI transactions fell to 8.1 percent. In January, the Reserve Bank of India (RBI) had ordered the closure of Paytm’s banking unit Paytm Payments Bank Limited (PPBL). This was a big blow to Paytm. Since then, the company’s stock has fallen sharply.

Paytm does not control PPBL. However, the company’s founder and Chief Executive Officer, Vijay Shekhar Sharma has a stake in it. Workers may also be laid off in Paytm soon. The company has said that it will cut its non-core assets. In the fourth quarter of the last financial year, the revenue of One 97 Communications, which runs Paytm, has declined by 2.6 percent for the first time since listing. The company’s revenue was around $ 22.7 billion.

in may UPI Transactions have set a record. Last month, 14.04 billion UPI transactions were done, worth about $20.45 trillion. This is a six percent increase in volume and four percent in value compared to April. According to data from the National Payments Corporation of India (NPCI), this is a growth of about 49 percent in volume and about 39 percent in value compared to the same month last year. This is the highest growth rate since the launch of UPI eight years ago. Volume And the highest figure is in value. Fastag transactions grew by six percent to 34.7 crore in May. Last month, the value of Fastag transactions had increased to Rs 5,908 crore. However, Aadhaar Enabled Payment System (AePS) transactions declined by four percent to around nine crore in May.

Digital payments have grown rapidly since the introduction of UPI. This allows users to easily transfer payments from their smartphones. According to RBI data, the value of transactions done through UPI has increased by about 137 percent in the last two years to reach about Rs 200 lakh crore. UPI is also being expanded abroad. This service has been launched in some countries including Sri Lanka and Mauritius.