YES Bank, which is the bank partner for PhonePe's UPI service, reported 15% UPI marketshare for the month of December 2017: around 22.4 million transactions, a growth of 33 times from 0.65 million transactions by the end of December 2016. 22.4 million transactions in December is still 3.6x from 6.27 Million reported by YES Bank in September 2017. UPI has grown much more, with the entry of Google and Paytm, but that growth appears to have helped YES Bank (and hence PhonePe) as well. Note that back in July 2017, YES Bank had 38% of the UPI marketshare, so the share of growth is largely that of players other than YES Bank. YES Bank (and hence PhonePe) claim around 75% marketshare of Merchant Payments for UPI. Last quarter, YES Bank had claimed 65% of UPI Merchant transactions, so its position has strengthened to 75% when it comes to merchant transactions. "...this is a reflection of our frugal innovation payment systems which the bank has developed in-house and taking full advantage of the India public stack. And our digital banking team is leveraging this to become one of the foremost players in our country in frugal payments," Rana Kapoor, the Banks CEO and MD said on the earnings conference call. In October 2017, the RBI had fined YES Bank Rs 6 crores for failing to report a security breach in their ATM network, saying: A cyber-security incident involving ATMs of the bank was also not reported by the bank within the…
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