YES Bank, the bank partner for Flipkart-backed PhonePe's UPI service, processed 290 million UPI transactions this quarter (Q2FY19). The 290 million transactions amounted to Rs 470 billion. The number of transactions has more than doubled from the last quarter when the bank processed 140 million UPI transactions. Yes Bank did not declare what portion of the UPI market it captures; the last known market share of the bank was 20% as of April 2018. At the beginning of this quarter, the government dropped multiple incentives for merchants and customers alike for carrying out UPI transactions. In terms of merchant payments, YES Bank (hence PhonePe) claims 40% of the UPI merchant payments; this has seen a rapid fall: it was 52% in Q1FY19 and 70% in Q4FY18. The bank claims it has a merchant partner base of 300,000, double of what it had in the last quarter at 150,000. The total YES Bank UPI registered user base has crossed 80 million, which should give us an indication of PhonePe’s registered user base. The number stood at 50 million in last quarter. Aadhaar based payments In July, the National Payments Corporation of India (NPCI) told banks to discontinue Aadhaar-based payments through the UPI and Immediate Payment System (IMPS) channels from August 31st, 2018. In the SC upheld the constitutional validity of Aadhaar, though it struck down Section 57 of the Aadhaar Act, which enabled private entities (like Yes Bank) to use Aadhaar. The verdict also scrapped mandatory linkage of bank accounts with Aadhaar. Private…
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