Tag: phonepe

PhonePe captures over 42% of overall UPI P2M market share

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With over 42 per cent of the UPI merchant (P2M) transactions, PhonePe said it has emerged as the largest player in the segment.

“PhonePe recently also emerged as the largest digital payments platform processing over 1.07 billion transactions across UPI, wallet, credit and debit cards,” it said in a statement, adding that this is due to the massive adoption it is seeing in Tier-4,5,6 towns and talukas and a deep focus on driving merchant acceptance in these geographies.

PhonePe to tap new revenue streams in financial services, consumer engagement

PhonePe is today accepted across 18 million kiranas in the country, it further said.

“Our leadership in the P2M space is due to an expansion of the market with more merchants using our platform in smaller towns,” said Vivek Lohcheb, Vice-President – Offline Business Development, PhonePe.

PhonePe maintains market leadership in digital payments

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PhonePe maintains market leadership in digital payments

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PhonePe said it continues to maintain its market leadership with 97 crore UPI transactions processed in February. In all, it processed 107 crore transactions across UPI, cards and wallets last month.

“PhonePe processed more than a billion transactions for the third consecutive month in February and continues to lead the digital payments market across UPI, credit and debit card and wallets in India,” the company said in a statement.

It attributed its growth to the rapid expansion in offline payments across Tier 2, Tier 3 cities, having already digitised over 17.5 million kiranas.

“The company had previously announced its plans to digitise 25 million kiranas by the end of 2021,” it said.

As many as 229 crore transactions worth ₹4.25 lakh crore were processed through the Unified Payments Interface in February this year, according to data released by the National Payments Corporation of India on March 1.

“I am very proud to report that PhonePe is leading across all core industry metrics – active users, active merchant, total transactions and TPV,” said Sameer Nigam, Founder and CEO, PhonePe.

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UPI volume, value contract for first time in 10 months even as YoY growth nearly doubles

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UPI transactions had exited 2020 with the Rs 4-lakh-crore value mark in December.

Unified Payments Interface (UPI) transaction volume and value have witnessed a contraction in February 2021 — the first time since April last year. From 2302.73 million transactions involving Rs 4,31,181.89 crore processed in January 2021, the number of transactions declined to 2,292.90 million worth Rs 4,25,062.76 crore in February 2021, according to the data from the National Payments Corporation of India (NPCI). UPI transactions in April last year had declined to 999.57 million amounting to Rs 1,51,140.66 crore from 1,246.84 million transactions worth Rs 2,06,462.31 crore in the preceding month.

However, the year-on-year growth in UPI transactions stood at 73 per cent in February 2021 even as the value nearly doubled by 91 per cent. February 2020 volume stood at 1,325.69 million transactions worth Rs 2,22,516.95 crore. The number of banks going live on UPI also increased from 146 in February 2020 to 213 in February 2020. UPI transactions had ended 2020 on a high note with the total value storming past the Rs 4-lakh-crore mark in December to Rs 4.16 lakh crore across 2,234.16 million transactions.

Also read: IPO-bound Flipkart rejigs leadership; appoints Unilever veteran Hemant Badri as Senior VP Supply Chain

While the NPCI is yet to release bank and app-wise data for their February UPI transactions, Walmart-owned PhonePe had remained the leading UPI-app in terms of volume and value in January 2021. The company had processed 968.72 million transactions involving nearly Rs 1.92 lakh crore. In fact, PhonePe’s volume was over 100 million transactions higher than Google Pay’s 853.53 million transactions worth Rs 1.77 lakh crore. On the other hand, Paytm Payments Bank had remained the distant third player with a volume of 332.69 million worth Rs 37,845.76 crore. The combined transaction volume of the three leading UPI apps stood at 93.5 per cent share of the total January volume of 2,302.73 million while the value share stood at 94.5 per cent of Rs 4.31 lakh crore.

Importantly, among India’s top 30 UPI remitter banks witnessing UPI transaction failures due to technical reasons, public sector lender Union Bank of India had the highest failure in January. From 10.75 per cent technical decline (TD) in December, the failure rate jumped to 12.89 per cent in January for Union Bank of India. Andhra Bank and Indian Bank recorded the second and third highest TD rate of 10.40 per cent and 9.83 per cent respectively in January.

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Union Bank of India, Syndicate Bank post highest UPI failure rates; Paytm sees lowest decline rate

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Andhra Bank and Indian Bank recorded the second and third highest TD rate of 10.40 per cent and 9.83 per cent respectively in January.

Public sector lender Union Bank of India continued to witness the highest failure rate for UPI transactions among India’s top 30 UPI remitter banks due to technical reasons in January. From 10.75 per cent technical decline (TD) in December, the failure rate jumped to 12.89 per cent in January for Union Bank of India, data from the National Payments Corporation of India (NPCI) showed. 85.95 million UPI transactions were processed by Union Bank of India during the month out of which nearly 80 per cent were approved while 7.36 per cent were declined due to reasons including invalid pin entered by customer, incorrect beneficiary account, exceeding per transaction limit or permitted count of transactions per day or amount limit for the day, etc. Andhra Bank and Indian Bank recorded the second and third highest TD rate of 10.40 per cent and 9.83 per cent respectively in January.

Among the top 30 UPI beneficiary banks (bank of the account holder who is receiving money) as well, Indian Bank recorded the second-highest TD rate of 5.50 per cent while Syndicate Bank topped the tally with 8.65 per cent. Karnataka Bank posted the third-highest TD rate of 3.18 per cent among UPI beneficiary banks in January. State Bank of India, which posted the highest TD rate of 9.08 per cent in December, improved it to 1.52 per cent in January.

Also read: Flipkart leads Q4FY21 international net sales for Walmart

Paytm Payments Bank recorded the lowest TD rate of 0.05 per cent on 145.61 million transactions in January among remitter banks. In terms of transaction volume, the top remitter banks were SBI (664.75 million), HDFC Bank (206.65 million), Axis Bank (173.38 million), and ICICI Bank (152.06 million). Among beneficiary banks, CITI Bank saw zero transactions failing due to technical reasons on 5.94 million transactions. Paytm Payments Bank (368.90 million), SBI (354.61 million), Yes Bank (273.95 million), ICICI Bank (237.59 million), and Axis Bank (207.61 million) saw the highest volume among beneficiary banks.

Walmart-owned digital payments company PhonePe was the highest UPI app in January processing processed 968.72 million UPI transactions involving nearly Rs 1.92 lakh crore. PhonePe volume was more than 100 million transactions higher than Google’s 853.53 million transactions worth Rs 1.77 lakh crore. Paytm Payments Bank, however, remained the distant third player with a volume of 332.69 million worth Rs 37,845.76 crore.

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PhonePe partners with Axis Bank on UPI multi-bank model

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Digital payments platform PhonePe on Monday announced that it has partnered with Axis Bank on a Unified Payments Interface (UPI) multi-bank model.

The partnership will provide PhonePe users with the option to create and use multiple UPI IDs with Axis Bank’s “@axl” handle.

PhonePe will also start acquiring merchants with Axis Bank in addition to its partnership with YES Bank.

PhonePe to tap new revenue streams in financial services, consumer engagement

Digitisation push

Hemant Gala, VP Financial Services & Payments, PhonePe, said, “We are excited to partner with Axis Bank to provide our users an option to create and transact using @axl handle on PhonePe. Our platform now enables the users to choose between multiple handles for their UPI transactions on the multi-bank model. This partnership with Axis Bank will ensure greater business continuity for both our customers and merchant partners, making their transaction experience seamless.”

PhonePe launches ESOPs worth $200 m for its employees

“This collaboration with PhonePe strengthens our commitment towards digitisation of the Indian payment ecosystem. It will help expand our reach to customers and the merchant community while offering secure and seamless payment experiences,” Sanjeev Moghe, EVP & Head – Cards & Payments, Axis Bank, said.

PhonePe had emerged as the top UPI app in January, processing 968.72 million transactions worth ₹1.92 trillion, according to data by National Payments Corporation of India (NPCI).

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PhonePe launches ESOPs worth $200 m for its employees

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PhonePe to launch ESOPs for its 2,200 employees. The $200 million Stock Option Plan gives every PhonePe employee the chance to own a part of the company and benefit from its success. Mobile Premier League, Wakefit, ShareChat and Licious are some of the other start-ups which have recently announced ESOPs.

Manmeet Sandhu, Chief People Officer, PhonePe said, “The PhonePe Stock Option Plan is a core component of our compensation philosophy crafted to encourage collaboration, long-term focus and organisation-first thinking. PhonePe is on a mission to use technology as a transformational force that is making financial inclusion real for every Indian. We believe when money and services flow freely, everyone progresses.”

“By having ESOPs at a minimum of $5000 for all levels, we enable every employee in the organisation to participate in the wealth generation opportunity they have helped create — Karte Ja, Badhte Ja. As roles become more senior, ESOPs are a part of the annual compensation for employees, translating into a larger component of their compensation being tied to the organisation’s success. This encourages everyone to put the organisation first. The organisation’s success is their success,” Sandhu said.

PhonePe had just under 500 employees who were under the ESOPs plan as of December 2020. In an interaction with BusinessLine in December 2020, Sameer Nigam, founder and CEO of PhonePe said, back in the day, all employees were shareholders. My father worked at Larsen & Toubro and a significant part of the company was owned by the employees. In the start-up sector, young people have done really well for themselves but its been concentrated on the tech and business side of the functions. I think by ensuring that all our customer service agents and all our sales force last-mile employees will also get to participate in the wealth creation is a bit of a paradigm change in a good way as it is more participative. I’m excited about somebody in my sales team in Bhopal who has 3.5-4 lakhs worth of equity see it double in the next few years – that’s a game changer. With this, I hope attrition will go down on those functions.

 

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WhatsApp Payments grows over 2X in December UPI volume, value; PhonePe pips Google Pay to lead tally

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PhonePe, Google Pay, and Paytm Payments Bank together had a lion’s share of 89 per cent in total UPI volume and 93 per cent share in value terms for December 2020.

WhatsApp Payments, which went live in December 2020 for up to 20 million users, has grown by over 2X in UPI transactions volume and value as well from November, according to the latest data released by the National Payments Corporation of India (NPCI). WhatsApp Payments UPI volume was up from 0.31 million transactions (3.1 lakh) worth Rs 13.87 crore in November 2020 to 0.81 million (8.1 lakh) involving Rs 29.72 crore in December. WhatsApp Payments is the latest entrant in the UPI apps segment that is currently led by PhonePe, Google Pay, and Paytm Payments Bank. PhonePe was on top of the table in December with 902.03 million transactions worth Rs 1.82 lakh crore processed up from 868.4 million transactions worth Rs 1.75 lakh crore processed in November.

Google Pay slipped to the second spot in December with 854.49 million transactions involving Rs 1.76 lakh crore down from 960 million transactions in November even as the value was up from Rs 1.61 lakh crore. Paytm Payments Bank remained at a distant third spot among UPI apps with 256.36 million transactions involving Rs 31,291.83 crore in December from 260.09 million transactions worth Rs 28,986.93 crore in November. Amazon’s payment vertical Amazon Pay managed to process 40.53 million transactions worth Rs 3,508.93 crore in December down from 37.15 million worth Rs 3,524.51 in November.

Also read: Mukesh Bansal’s Cure.fit buys US-based personal trainer app Onyx to strengthen international offering

UPI transactions ended 2020 hitting the Rs 4-lakh-crore value mark in December involving 2.23 billion transactions, up from 2.21 billion transactions worth Rs 3.91 lakh crore in November. The annual growth in volume was 70 per cent from 1.30 billion transactions while the value was up 105 per cent from 2.02 lakh crore in December 2019. Also, the number of banks live on the UPI platform increased from 143 to 207 during the 12-month period.

PhonePe, Google Pay, and Paytm Payments Bank together had a lion’s share of 89 per cent (2 billion transactions) in terms of volume and 93 per cent share (Rs 3.89 lakh crore) in value. The UPI transaction volume and value have been able to grow faster during the Covid and lockdown phases as people increasingly transacted digitally. The volume jumped by 908.47 million transactions during the 10-month period from 1.32 billion transactions in February 2020, according to the analysis of NPCI data. However, in comparison, similar volume growth of 908.47 million transactions, before Covid, took 17 months (from September 2018) to reach the February 2020 level.

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PhonePe launches Term Life Insurance plans for users

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PhonePe, India’s digital payments platform, today announced the launch of Term Life Insurance plans on its platform, in association with ICICI Prudential Life Insurance Co Ltd.

According to the official release, with this launch, millions of PhonePe users can now avail of term life insurance starting from ₹149 per annum.

This policy can be availed instantly on the PhonePe app without any health check-up and paperwork through an all-digital customer experience, PhonePe noted.

The report noted that India’s population has an insurance penetration of just 2.73 per cent and PhonePe, with its over 250 million user-base, aims to improve awareness and penetration of term life insurance products.

All of PhonePe’s users aged between 18 and 50 years and earning ₹1 lakh per annum or above can avail of this policy instantly on the platform.

Furthermore, this policy insures the user for a sum ranging from ₹1-₹20 lakh. The sum depends on the premium amount, and can be renewed seamlessly upon expiration on the PhonePe app, the report added.

Also read: PhonePe introduces voice notification feature for Business app

Commenting on the launch, Gunjan Ghai, VP & Head of Insurance at PhonePe said in the official release: “Insurance as a product has remained largely unpenetrated in India especially in the geographies, age and income groups that need it the most…We at PhonePe are excited to partner with ICICI Prudential to help solve this problem and also to help our user base with a unique product specially tailored for their needs.”

Steps to avail term insurance plan

Users of PhonePe can obtain their term life insurance in a few steps. In the My Money section of the app (both Android & iOS) they can visit the Insurance section and proceed by selecting Term Life Insurance and select the sum they would like to be insured for.

After providing basic details of the person being insured and their nominee, the user can complete their purchase by paying instantly online through PhonePe.

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UPI ends 2020 on high note, scales past Rs 4-lakh-cr milestone in December; volume up 70% from year-ago

Personal Finance

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UPI is currently the biggest among the NPCI operated systems including NACH, IMPS, AEPS, BBPS, RuPay, etc.

UPI transactions ended 2020 on a high note. The value for digital transactions done via UPI stormed past the Rs 4-lakh-crore mark in December, according to the latest UPI data from the National Payments Corporation of India (NPCI). 2.23 billion transactions worth Rs 4.16 lakh crore were recorded in December, up from 2.21 billion transactions involving Rs 3.91 lakh crore in November. The year-on-year growth in volume stood at 70 per cent from 1.30 billion transactions while the value of UPI transactions increased 105 per cent from 2.02 lakh crore in December 2019. Moreover, the number of banks live on the UPI platform increased from 143 to 207 during the 12-month period.

Among the leading UPI players, Google Pay and PhonePe had together cornered over 82 per cent of the market by volume and over 86 per cent by value in November. While Google Pay processed 960.02 million transactions involving Rs 1.61 lakh crore, PhonePe, saw 868.4 million transactions worth Rs 1.75 lakh crore. Paytm had processed 260 million payments.

The transaction volume and value have apparently scaled up faster during the Covid and lockdown phases as people switched to digital mode to avoid cash usage. The volume jumped by 908.47 million transactions during the 10-month period from 1.32 billion transactions in February 2020, according to the analysis of NPCI data. However, in comparison, similar volume growth of 908.47 million transactions, before Covid, took 17 months (from September 2018) to reach the February 2020 level.

Also read: Expectations 2021: With Covid fallout in rearview mirror, fintech startups set to make up for 2020 losses

UPI is currently the biggest among the NPCI operated systems including NACH, IMPS, AEPS, BBPS, RuPay, etc. As of October FY21, out of 3.39 billion retail transactions on all NPCI platforms, 2.07 billion transactions were recorded on UPI followed by 340.03 million transactions with respect to NFS inter-bank ATM cash withdrawals, 318.97 million transactions on the instant payment inter-bank electronic funds transfer system — Immediate Payment Service (IMPS), and 245.55 million transactions on the National Automated Clearing House (NACH), according to the NPCI data.

Importantly, the Reserve Bank of India had on Friday launched a ‘composite Digital Payments Index (DPI)’ to measure the extent of digitisation of payments in India based on parameters including payment enablers, payment infrastructure – demand-side and supply-side factors, payment performance, and consumer centricity, according to the RBI.

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