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PhonePe calls Paytm’s UPI crown claim ‘uni-dimensional and misleading’

PhonePe

Flipkart-owned payments company PhonePe has taken a swipe at Paytm's claim of being the largest player on the Unified Payments Interface (UPI) platform, calling them "uni-dimensional and misleading". In a blog post, PhonePe said while Paytm "seems to be leading the market" in terms of the number of transactions, the average value of such transactions is much lower at Rs 38 compared to its own average transaction value of Rs 1,800. The average PhonePe customer does about five transactions per month, while for Paytm that number is 525. The blog post claimed that the high number of transactions on Paytm was "simply not representative of normal user behaviour on the UPI network.” “Just 40,000 unique consumers did 500+ transactions each in February on Paytm. Paytm’s average transaction value is less than Rs 40. In contrast, 6,000,000 unique customers did 5 transactions each in February on PhonePe. Our average transaction value is over Rs1,800,” the PhonePe blog post reads. The only explanation for this vast gulf in figures according to PhonePe is that "Paytm’s transaction volumes are clearly influenced by significant per-transaction cashback incentives that appeal to a very small population." The post also pointed out that Paytm's average transaction of Rs 38 is much lower that UPI's overall average value per transaction of Rs 1,116. This is not the first time that PhonePe has questioned Paytm’s expansion in India’s booming digital payments business. In January, PhonePe co-founder Sameer Nigam had indicated in a tweet that Paytm’s volumes on UPI had been inflated by…

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Writes about consumer technology, social media, digital services and tech policy. Is a gadget freak, gamer and Star Wars nerd.

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