look news india
Ahmedabad: The impact of the recent action taken by the Reserve Bank of India on Paytm Payment Bank is now clearly visible on the business of Paytm. Recent data shows that Paytm's share in the UPI market has declined. This means that people are no longer using Paytm for UPI transactions like before.
According to National Payments Corporation of India data, the UPI market share of One97 Communication, the parent company of Paytm app, which was once a leader in fintech, has declined. The share fell to nine percent in March, its lowest level in four years.
In February, when the Reserve Bank imposed strict restrictions on Paytm's subsidiary Paytm Payments Bank Ltd, its market share fell to 11 per cent from the previous month. National Payments Corporation of India has been sharing the volume and value of UPI app transactions since April 2020. This is Paytm's lowest market share since then.
At the same time, after the action against Paytm Payments Bank, the transaction value market share of mobile payment app has also declined, which has fallen to 6.7 percent. This figure is also the lowest in the last years.
Between 2020 and 2021, Paytm's market share in transaction volume was around 11-12 percent, which the company gradually managed to increase to 13 percent, which has now dropped to only nine percent. The company had about 40 percent market share in UPI during 2018 and 2019.