Google Pay Improves UPI Market Share; But PhonePe Still #1 UPI App In India
PhonePe overtook Google Pay in terms of UPI transaction volume and value in December 2020 and since then it has followed the same pattern. Google Pay’s monthly volume growth rate is reduced, whereas the same for PhonePe increased
UPI market leader PhonePe also crossed a milestone during March. “We crossed a billion UPI transactions in March. Last month, the total transactions on our platforms across the payment instruments of wallet, card, and UPI that we offer stood at 1.3 billion,” a PhonePe spokesperson said earlier this year.
Total UPI Transactions
According to data supplied by the National Payments Corporation of India, PhonePe had 1,149.84 million transactions for Rs 2,34,123.57 crore in May, while Google Pay had 880.59 million transactions worth Rs 1,87,136.95 crore.
PhonePe Market Share
In the UPI network, PhonePe presently has a 45.27 per cent market share, while Google Pay has a 34.67 per cent market share. PhonePe had 1189.89 million transactions in April, accounting for 45 per cent of the market, while Google Pay had 905.96 million transactions, accounting for 34.3 per cent of the market.
Paytm Payments Bank is ranked third among the top five UPI apps, followed by Amazon Pay and Yes Bank. PPB has 290.69 million transactions under its belt, while Amazon Pay and Yes Bank have 58.35 million and 21.08 million transactions, respectively.
In terms of market share, PPB holds 11.44% while Amazon Pay and Yes Banks apps have 2.29% and 0.83% share respectively. Government-promoted BHIM stood at 6th position with a 0.8% share. However, it was far ahead of Yes Bank apps in terms of the amount processed through its app.
CRED, which is listed on NPCI as a third party UPI app, has recorded 5.65 million transactions amounting to Rs 6,142.78 crore.