PhonePe has now recorded a great increase in its market share in Unified Payments Interface or UPI in April; the company has also surpassed Google Pay. This has been revealed by the data coming from the National Payments Corporation of India or NPCI.
The market share of PhonePe stands at 45% in April, whereas Google Pay’s stands at 34.3%.
PhonePe Surpasses Google Pay With 45% Market Share In April
The COVID-19 pandemic, the work from home, and the country adapting to digital modes of payment has resulted in an increased business for these platforms, especially UPIs.
UPI is very likely to continue growing in the upcoming years, as the trend suggests. A report, The Indian Payments Handbook, by PwC India, more than half of the total digital transactions by volume will be carried out on UPI within the next four fiscal years.
UPI’s market share was 17% in 2018-19 and the expected growth by the year 2024-25 is as much as 59%.
The market share of PhonePe has increased from 43.91% in March to 45% in April. On the other hand, Google Pay has reported a decline in the market share, from 35% in March to 34.3% in April.
PhonePe has reportedly clocked 1189.89 transactions with the value Rs 234,023.33 crore, while Google clocked 905.96 million transactions worth Rs 190,106.71 crore.
In April, the total transactions recorded through UPI were 2.64 billion which are worth Rs 4,93,663 crore.
WhatsApp Fails To Gain Popularity; Could Not Cross 1 Million Transactions
Paytm, another leading UPI platform, stands at 12.14% market share. The number of transactions by Paytm was 320.78 million with the value of transactions amounting to Rs 36,859.2 crore.
On the fourth and fifth position stand Amazon Pay and Yes Bank Apps, with a market share of 1.85% and 0.86%. BHIM has secured a market share of 0.84%. However, the total value of transactions is way ahead of Yes Bank apps.
As per the data, WhatsApp Pay hasn’t been able to gain popularity for digital payments and could not manage to cross 1 million volumes since November.
As we all know, National Payments Corporation of India (NPCI) has limited third-party application providers (TPAPs) to 30% of market share of all transactions processed via Unified Payments Interface (UPI).