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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 Going forward, UPI numbers may fall again given that the government has withdrawn multiple incentives for both merchants and customers alike for making transactions using UPI transcations.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)…

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