PhonePe, Google Pay Accounted For 85% Of UPI Transactions In May

Share via:


SUMMARY

PhonePe, with 683.19 Cr transactions, accounted for 48.6% of the total UPI transactions in May, while the share for Google Pay stood at 37%

After seeing a nearly 8% month-on-month decline in UPI transactions in April, Paytm saw its transactions grow 2% last month to 114 Cr

UPI transactions processed by Navi almost doubled to 2.97 Cr in May from 1.5 Cr in April

The Unified Payments Interface (UPI) ecosystem continued to be dominated by Walmart-owned PhonePe and Google Pay in the month of May, with the two apps cumulatively commanding over 85% share in the total transactions.

The month of May saw 1,403.58 Cr UPI transactions worth INR 20.44 Lakh Cr.

As per the National Payments Corporation of India’s (NPCI) data, PhonePe, with 683.19 Cr transactions, accounted for 48.6% of the total UPI transactions in May. The value of these transactions stood at INR 10.33 Lakh Cr.

GooglePay saw 521.95 Cr transactions in May, translating to 37% of the total volume. In terms of value, GooglePe clocked transactions worth over INR 7.2 Lakh Cr. Trailing them were Paytm and Cred, which processed 114 Cr and 1.40 Lakh transactions, respectively.

After seeing a 7.7% month-on-month decline in UPI transactions in April, Paytm saw its transactions grow 2% last month. 

PhonePe, Google Pay Accounted For 85% Of UPI Transactions In May PhonePe, Google Pay Accounted For 85% Of UPI Transactions In May

Interestingly, UPI transactions processed by Navi almost doubled to 2.97 Cr in May from 1.5 Cr in April. 

Besides, other startups Mobikwik, Groww, Slice, and Flipkart also saw marginal growths in their UPI transactions on a month-on-month basis. 

It is pertinent to note that PhonePe and Google Pay have been dominating the UPI market for many years now. In fact, NPCI-owned Bharat Interface for Money (BHIM) has also struggled to grab a meaningful market share. Its transaction volume dropped about 8% MoM to 2.34 Cr in May from last month’s 2.54 Cr. 

In a bid to pull itself out of the rut, BHIM is now eyeing a partnership with the Open Network for Digital Commerce (ONDC). The entities began talks of a potential tie up last month. 

Meanwhile, the dominance of PhonePe and Google Pay, which are owned by foreign entities, was also flagged by a parliamentary panel. The panel underlined the need to promote indigenous players in the fintech sector to challenge these entities.

Amid all these, the NPCI is said to be mulling extending the timeline for the implementation of a 30% cap on the UPI market share of digital payments platforms by two years. 





Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

PhonePe, Google Pay Accounted For 85% Of UPI Transactions In May


SUMMARY

PhonePe, with 683.19 Cr transactions, accounted for 48.6% of the total UPI transactions in May, while the share for Google Pay stood at 37%

After seeing a nearly 8% month-on-month decline in UPI transactions in April, Paytm saw its transactions grow 2% last month to 114 Cr

UPI transactions processed by Navi almost doubled to 2.97 Cr in May from 1.5 Cr in April

The Unified Payments Interface (UPI) ecosystem continued to be dominated by Walmart-owned PhonePe and Google Pay in the month of May, with the two apps cumulatively commanding over 85% share in the total transactions.

The month of May saw 1,403.58 Cr UPI transactions worth INR 20.44 Lakh Cr.

As per the National Payments Corporation of India’s (NPCI) data, PhonePe, with 683.19 Cr transactions, accounted for 48.6% of the total UPI transactions in May. The value of these transactions stood at INR 10.33 Lakh Cr.

GooglePay saw 521.95 Cr transactions in May, translating to 37% of the total volume. In terms of value, GooglePe clocked transactions worth over INR 7.2 Lakh Cr. Trailing them were Paytm and Cred, which processed 114 Cr and 1.40 Lakh transactions, respectively.

After seeing a 7.7% month-on-month decline in UPI transactions in April, Paytm saw its transactions grow 2% last month. 

PhonePe, Google Pay Accounted For 85% Of UPI Transactions In May PhonePe, Google Pay Accounted For 85% Of UPI Transactions In May

Interestingly, UPI transactions processed by Navi almost doubled to 2.97 Cr in May from 1.5 Cr in April. 

Besides, other startups Mobikwik, Groww, Slice, and Flipkart also saw marginal growths in their UPI transactions on a month-on-month basis. 

It is pertinent to note that PhonePe and Google Pay have been dominating the UPI market for many years now. In fact, NPCI-owned Bharat Interface for Money (BHIM) has also struggled to grab a meaningful market share. Its transaction volume dropped about 8% MoM to 2.34 Cr in May from last month’s 2.54 Cr. 

In a bid to pull itself out of the rut, BHIM is now eyeing a partnership with the Open Network for Digital Commerce (ONDC). The entities began talks of a potential tie up last month. 

Meanwhile, the dominance of PhonePe and Google Pay, which are owned by foreign entities, was also flagged by a parliamentary panel. The panel underlined the need to promote indigenous players in the fintech sector to challenge these entities.

Amid all these, the NPCI is said to be mulling extending the timeline for the implementation of a 30% cap on the UPI market share of digital payments platforms by two years. 





Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

Tether halts USDT minting on EOS and Algorand

Tether discontinues support for the EOS and Algorand...

A tethered Apple Vision would be an acceptable compromise

It’s been consistently reported that Apple has been...

Ather Energy Converts Into A Public Entity As IPO...

SUMMARY Ather Energy’s board passed a resolution last week,...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!