Paytm continued to see a dip in Unified Payments Interface (UPI) transactions for the third consecutive month in April.
Data from the National Payments Corporation of India (NPCI) said it processed 1,117.13 million transactions in April, a 9 per cent month-on-month decline in volume from 1,230.04 million transactions handled in March.
However, the company continued to retain its spot as the third largest player in the ecosystem even amid the dip.
The two major players – PhonePe and Google Pay – processed 6,500 million and 5,027.3 million transactions, respectively, in April. Their share in the overall transaction numbers was pegged at 48.8 per cent and 37.8 per cent respectively.
Cred, which finds itself in the fourth position on the UPI transaction charts, in April processed 138.46 million transactions, whereas Paytm handled 1,117.13 million transactions, indicating that Cred’s transaction volume is at least eight times lower than that of Paytm.
In February 2024, Walmart-owned PhonePe held a share of 47.3% in overall transaction volumes. Meanwhile, Google Pay had a share of 36.7% the same month.
Recently, the COO and President of Paytm, Bhavesh Gupta, resigned from the company.
In the last six months, Paytm shares have plunged 62 per cent. After the latest decline, Paytm’s market capitalisation has fallen to Rs 21,223 crore equivalent to $2.5 billion.
However, the mutual funds and foreign portfolio investors continue to bet on the firm as they upped stakes in the company in the quarter gone by.