YES Bank, which is the bank partner for PhonePe’s UPI service, reported 20% UPI market share, in terms of volumes, during FY18, adding that the company reported a 33x growth in the financial year. It hasn't disclosed the UPI market share for the month of March; we calculated, and there were a total of 914.150 UPI transactions in FY18. Thus, YES Bank (and thus PhonePe) accounted for approximately 182.83 million UPI transactions in FY18. Last quarter, YES Bank reported that it had 15% UPI market share, and around 22.4 million transactions. Note that UPI numbers are not entirely indicative of organic usage: users are gaming cashbacks on offer to make money, and companies are using it to show higher growth. There was a controversy in March, when the CEO of PhonePe, YES Bank's UPI partner, called out Paytm claim of being…
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