On January 31, RBI took action against Paytm Payments Bank. After which Paytm's UPI payment business has been greatly affected. RBI was forced to take action due to the audit report of the central bank and subsequent exposure of continuous irregularities in the bank.
Paytm's crisis is showing no sign of abating. The action of RBI and subsequent investigation by ED has ruined Paytm. Now the report that has come out is even more scary. In the month of February, there has been a decrease of more than 1.5 lakh rupees every hour in Paytm UPE transactions. Yes, this data has come out from the data of National Payments Corporation of India. This means that Paytm UPI transactions have decreased by 7.6 percent in the month of February as compared to January. Let us also tell you what kind of NPCI figures are being seen.
Paytm's UPI transactions reduced
NPCI data has shown that there has been a decline in Paytm's Unified Payments Interface (UPI) transactions. The fintech company reported about 1.33 billion transactions in February, which was 7.6 percent less than 1.44 billion transactions in January. The special thing is that in February, there was a decline of less than 11 percent in the share of UPI payments processed by Paytm, which was about 11.8 percent in the previous month. If we talk about the past, Paytm's market share was 12.8 percent in August 2023. Despite February being a smaller month, the total UPI volume declined marginally to 12.1 billion transactions compared to 12.2 billion transactions in January.
PhonePe and GooglePe benefit
There has been a huge decline in the transaction volume of Paytm. If we look at the figures, there has been a decrease of 1.58 lakh UPI transactions every hour in the month of February. Which is pointing towards a tremendous decline. On the other hand, there has been a good increase in the transactions of PhonePe and Google Pay. PhonePe saw 6.1 billion transactions in February. 4.7 billion UPI payments recorded in Google Pay. This means that both have seen a jump of 7.7 percent and 7.9 percent respectively.
When RBI took action
On January 31, RBI took action against Paytm Payments Bank. After which Paytm's UPI payment business has been greatly affected. RBI was forced to take action due to the audit report of the central bank and subsequent exposure of continuous irregularities in the bank. As a result of RBI directions, Paytm Payments Bank was directed to stop accepting deposits and credit transactions after February 29, the deadline for which was later extended to March 15. Additionally, the Financial Intelligence Unit-India (FIU) imposed a fine of Rs 5.49 crore on Paytm Payments Bank for alleged violations under PMLA. Despite these challenges, Paytm founder Vijay Shekhar Sharma remains optimistic about the company's future prospects.
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