LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Companies News

PhonePe hits out at Paytm, says claims around UPI are "misleading"

PhonePe clarified that data around Paytm's ATV and Average Transactions per Customer (ATPC) was not available. However, based on the 21 million money transfer transactions made by Paytm customers to PhonePe users, the Bengaluru-based company had found that 40,000 unique consumers had done over 500 transactions each in February bringing the average transaction for Paytm to less than Rs 40.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
PhonePe hits out at Paytm, says claims around UPI are "misleading"
Flipkart's payments platform, PhonePe lashed out at rival Paytm alleging that the latter's claims about leadership in UPI transactions were "misleading". Image source: Reutrers
Written By: PTI
Updated: Thu, Mar 08, 2018
11:09 pm
New Delhi, PTI
RELATED NEWS
Amazon Pay, Paytm, PhonePe, MobiKwik, PayU and Ola Pay – 3 GAME-CHANGERS for you Amazon Pay, Paytm, PhonePe, MobiKwik, PayU and Ola Pay – 3 GAME-CHANGERS for you
PhonePe logs $388bn in annual TPV run rate, crosses 1-bn UPI transactions in March PhonePe logs $388bn in annual TPV run rate, crosses 1-bn UPI transactions in March
One QR Code for all apps: Now, scan code from Google Pay, Paytm, PhonePe, Bhim UPI and more at all IOC petrol pumps for hassle free transaction One QR Code for all apps: Now, scan code from Google Pay, Paytm, PhonePe, Bhim UPI and more at all IOC petrol pumps for hassle free transaction
How to save income tax: Want to save up to Rs 46,800? Here is a method and step by step guide for tax-saving How to save income tax: Want to save up to Rs 46,800? Here is a method and step by step guide for tax-saving
Life insurance policy plan from Rs 149 annual premium! Assured sum of up to Rs 20 lakhs - All details here Life insurance policy plan from Rs 149 annual premium! Assured sum of up to Rs 20 lakhs - All details here

Flipkart's payments platform, PhonePe today lashed out at rival Paytm alleging that the latter's claims about leadership in Unified Payments Interface (UPI) transactions were "unidimensional and misleading".
In a blogpost, PhonePe said while Paytm "seems to be leading the market" in terms of number of transactions, the average value of such transactions is much lower at Rs 40 compared to its own ATV (average transaction value) of Rs 1,800.

PhonePe clarified that data around Paytm's ATV and Average Transactions per Customer (ATPC) was not available.

However, based on the 21 million money transfer transactions made by Paytm customers to PhonePe users, the Bengaluru-based company had found that 40,000 unique consumers had done over 500 transactions each in February bringing the average transaction for Paytm to less than Rs 40.

When contacted, a Paytm spokesperson declined to comment.

Interestingly, Paytm had earlier this week issued a statement claiming leadership position on the UPI platform.

PhonePe alleged that Paytm's transaction volumes are "clearly influenced by significant per-transaction cashback incentives that appeal to a very small population".

It further said that its calculations reflect that broad-based adoption of UPI has not happened on Paytm and that transaction numbers for customers do not reflect typical UPI use cases.

"For these combination of reasons, we believe that Paytm?s claim that they are the largest on UPI is both uni-dimensional and misleading," it said in the blog titled 'All that Glitters is not Gold'.

Paytm founder Vijay Shekhar Sharma had recently alleged that payments body National Payments Corporation of India (NPCI) had been arm-twisted by social media giant, Facebook to give preferential treatment to messaging app WhatsApp for the launch of peer-to-peer payments based on UPI on the platform.  

 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
PhonePePaytmUnified Payments InterfaceUPIATPC dataFlipkartBanking & Financial Services
RELATED NEWS
Amazon Pay, Paytm, PhonePe, MobiKwik, PayU and Ola Pay – 3 GAME-CHANGERS for you Amazon Pay, Paytm, PhonePe, MobiKwik, PayU and Ola Pay – 3 GAME-CHANGERS for you
PhonePe logs $388bn in annual TPV run rate, crosses 1-bn UPI transactions in March PhonePe logs $388bn in annual TPV run rate, crosses 1-bn UPI transactions in March
One QR Code for all apps: Now, scan code from Google Pay, Paytm, PhonePe, Bhim UPI and more at all IOC petrol pumps for hassle free transaction One QR Code for all apps: Now, scan code from Google Pay, Paytm, PhonePe, Bhim UPI and more at all IOC petrol pumps for hassle free transaction
How to save income tax: Want to save up to Rs 46,800? Here is a method and step by step guide for tax-saving How to save income tax: Want to save up to Rs 46,800? Here is a method and step by step guide for tax-saving
Life insurance policy plan from Rs 149 annual premium! Assured sum of up to Rs 20 lakhs - All details here Life insurance policy plan from Rs 149 annual premium! Assured sum of up to Rs 20 lakhs - All details here

LATEST NEWS

Stock market holidays April 2021: BSE, NSE to remain CLOSED tomorrow; next holiday in May on THIS date

Macrotech Developers share price recovers 15% from yesterday's lows

Mid-Cap Picks With Anil Singhvi: Rallis India, Shilpa Medicare and Avanti Feeds are stocks to buy, says Sacchitanand Uttekar

Rs 10000 fine slapped on man for not wearing a face mask in Uttar Pradesh

Karnataka School Exam News Today: Students of class one to nine will be MARKED under THIS SCHEME - check all details here

Check best Ram Navami 2021 WhatsApp status, DP, stickers, GIFs, wishes, quotes, messages and greetings

UP, Jharkhand lockdown news: Weekend lockdown in Uttar Pradesh, Jharkhand under lockdown from April 22-29; Only essential services to be allowed

Apex Legends Mobile: Officially announced; check Pre-Registration link, India availability, more details about the Apex Legends Mobile Launch NOW

Covid-19 vaccine registration step-by-step guide: How those above 18 years can register themselves on CoWIN official website cowin.gov.in

Mid-Cap Picks with Anil Singhvi: IEX, Orient Refractories and Fermenta Biotech shares are top recommendations today

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved