PhonePe continued to control the ecosystem of Unified Payments Interface (UPI) in India and increased its market share to 46.04 percent in June, according to data released by the National Payments Corporation of India (NPCI).
The Walmart-owned platform saw a 0.77 percent increase in its share over the 45.28 percent reported in May in terms of transactions for all 50 applications (resulting in 2,807.51 million transactions).
The growth of PhonePe has forced Google Pay to remain in second place, which it first acquired in December after losing its leadership in PhonePe.
Data submitted by NPCI shows that PhonePe carried 1,292.71 million transactions worth Rs.
phonePe
The 2,62,565.88 crores in June were 142.87 million more from the 1,149.84 million it made in May, which cost Rs. 2,34,123.57 characters. The increase in transaction volume has helped the platform not only continue to lead but also expand the Google Pay gap.
Compared to PhonePe, Google Pay saw a 0.04 percent decline in its share in June to 34.63 percent, down from 34.67 percent in May.
NPCI statistics show that Google’s platform has initiated 972.26 million transactions worth Rs. 2,07,287.73 crores per month – showing an increase of 91.67 million from 880.59 million transactions worth Rs. 1,87,136.95 crores were recorded in May.
Paytm Payments Bank came third with a customer transaction of R32. 40,614.09 crores. It received a 0.18 percent increase in its market share of 11.63 percent from the 11.45 percent reported last month.
After Paytm Payments Bank, Amazon Pay came in fourth with 51.34 million transactions worth Rs. 4,814.74 characters. Yes Bank applications and the government program BHIM UPI have reached five and six positions, respectively.
Yes the Bank has taken a share of 24.72 percent in the transaction amount of Rs. 5,227.04 crores, while BHIM’s market share reached 22.84 per cent for transactions costing Rs. 7,319.77 crores.
Interestingly, the data provided by NPCI shows that WhatsApp Pay, a payment service launched last year by a Facebook-owned company, saw a drop in volume and their transaction value. The app, however, retained its 0.02 percent market share.
UPI exports nationwide grew by 10.55 percent to 2,807.51 million in June worth $. 5,47,373.17 crores.
