 "GSPay by Gupshup sees 70% M-o-M growth in UPI123 Pay transactions")
Gupshup.io’s UPI 123 Pay-powered GSPay payment app for feature phone users recorded a 70 per cent month-on-month (MoM) rise in payment volumes since its launch in June this year, the company said. During the same time, its monthly active user base has expanded by 80 per cent MoM.
The company said the average ticket size of these payments stood above Rs 650, whereas transactions up to Rs 100 constituted 56 per cent of the total payments.
Transactions between Rs 100 and Rs 500 accounted for 22.3 per cent of the total volume, whereas transactions between Rs 500 and Rs 1,000 cornered a 6.49 per cent share. Those above Rs 1,000 constituted 15.68 per cent of the total transaction volume, the company said.
The company noted an increased number of peer-to-peer (P2P) transactions during festivals such as Diwali and Dussehra.
“There was an increase during the end of every month attributed to salary day spends. Although Gupshup.io does not capture the geographical data of these users, anecdotal data suggest that most of these users hail from the northern region,” the company added.
P2P payments contributed around 80 per cent to the total payment volume, followed by P2M (Person-to-Merchant) transactions, the company added.
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“When we set out to build a payment solution specifically for feature phone users, we knew we were addressing a major gap in financial access and inclusion but hadn't expected the rapid adoption. The volume growth shows that there is incredible demand for this solution. At Gupshup, our mission is to bring people and businesses closer together through the power of Conversational Messaging, and GSPay is a prime example of that”, said Beerud Sheth, CEO and Co-founder, Gupshup.io.
The company uses UPI 123 Pay, an instant payment system by the National Payments Corporation of India (NPCI), to provide secure transactions for feature phone users.