PhonePe: Paytm’s UPI volumes inflated in December by Rs 1 cashbacks

“I love @UPI_NPCI. But the 145 million transaction count is badly polluted. 6.3 million UPI P2P transfers between Paytm VPAs to Yes Bank VPAs. Sounds impressive. But 5.6 million (90%!!!) transfers were for 1 each. And only 60,000 distinct Paytm users did the transfers. That’s 105 transactions of 1 per user!”
That’s PhonePe’s Sameer Nigam’s point of view on Paytm’s December numbers (he has deleted the tweet).