PhonePe beats Google Pay, tops UPI app space in December
By Administrator_ India
Walmart-backed PhonePe has emerged the top unified payments interface application in December, with 902.03 million transactions accounting for Rs 1.82 trillion, followed by Google Pay with 854.49 million transactions worth Rs 1.76 trillion, thus, controlling the lion’s share of the UPI market, according to the data by National Payments Corporation of India.
Google Pay has seen 11 per cent fall in transaction volume in December, compared to November. In November, Google Pay had seen 960.02 million transactions accounting for Rs 1.61 trillion, followed by PhonePe, with 868.4 million transactions worth Rs 1.75 trillion.
According to the October data, Google Pay accounted for 857.81 million transactions, while PhonePe came in second, with 839.88 million transactions.
These top two apps account for more than 78 per cent of the UPI market in terms of volume of transaction, and 86 per cent of the market by value of transactions in December.
In November, these two apps had more than 82 per cent of the market by volume and more than 86 per cent by value. Paytm Payments Bank app is behind PhonePe and Google Pay, with 256.36 million transactions by volume in December worth Rs 31,291.83 crore.
New entrant to the market WhatsApp processed 810,000 transactions worth Rs 29.72 crore in December. In November, it had processed 310,000 transactions worth Rs 13.87 crore.