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YES Bank reports 140M UPI transactions in Q1FY19; lender’s UPI user base crosses 50M

YES Bank, which is the bank partner for PhonePe’s UPI service, reported that it has processed more than 140 million UPI transactions amounting to Rs 290 billion in the quarter ending June 30th 2018. The lender hasn’t disclosed its UPI market share. In April, the lender announced that it has a 20% UPI market share, in terms of volume as of FY18, which comes up to approximately 182.8 million UPI transactions in the whole of FY18. Though UPI saw an increase of 30% in the total transaction volumes between May 2017 and June 2018,  they number of transactions declined for the first time in May 2018. Going forward, UPI numbers may fall again given that the government has withdrawn multiple incentives for both merchants and customers alike for making transactions using UPI transcations. Further, the National Payments Corporation of India (NPCI) has asked banks to discontinue Aadhaar-based payments through the UPI and Immediate Payment System (IMPS) channels from August 31st, 2018. That could also have a negative impact on the number of UPI transaction in the coming months. In terms of merchant payments, YES Bank (hence PhonePe) claims 50% of the UPI merchant payments; this was around 72% in the last quarter. The bank claims it has a merchant partner base of 150,000 in this quarter as compared to 80,000 in the previous quarter. The total YES Bank UPI registered user base has crossed 50 million, which should give us an indication of PhonePe’s registered user base. The number stood at 30…

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