Google Pay Crosses 1 Billion UPI Transactions, Grabs 34.45% Market Share With 15% Rise
India is becoming digital. The mission of ‘Digital India’ seems to yield better results every month. The whole digital ecosystem seems to have taken a great leap. And recent results of July 2021 are showing nothing short of great hopes for the future as well.
In July, UPI transactions reached new highs with overall UPI transactions at 3,247.82 million and the value of transactions crossing the Rs. 6 lakh crore mark for the very first time.
While PhonePe has managed to stay on the top, Google Pay also did not give up its runner-up position. Google Pay certainly crossed a huge milestone last month.
Google Pay Crosses 1 Billion UPI Transactions
Google Pay reported the second-highest number of UPI transactions at 1,119.16 million amounting to Rs 230,874 crore. This has resulted in crossing the 1 Billion mark.
While reporting 1.4 billion transactions, PhonePe maintained its lead in the monthly UPI transactions accounting for a 46 percent market share in the month of July. Data by the National Payments Corporation of India (NPCI) shows that the total value of transactions done via PhonePe in July stood at Rs 288,572 crore.
Paytm’s Payments Bank App saw 454.06 million transactions worth Rs 51,694 crore. Google Pay’s volume market share stood at 34.45 percent, and Paytm Payments Bank App at 14 percent.
This is a rise of over 15 percent in volumes for PhonePe, 15 percent for Google Pay, and an 18.50 percent rise for Paytm Payments Bank App, on a month-on-month basis.
Keeping competition fair
As per the guidelines by the National Payments Corporation of India (NPCI) for Third-Party Application Provider (TPAP), there is a volume cap of 30% of the market share. These guidelines have been established to keep competition fair and avoid monopolies by big players.
So as per these rules, PhonePe and Google Pay will have to comply with these rules, effective from Jan 1, 2021. Existing dominant players having more than 30% market share by volume get 2 years to comply with the rules.