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PhonePe Continues to Take on the Competition in UPI App Ecosystem With Over 46 Percent Share: NPCI

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PhonePe has continued to dominate the Unified Payments Interface (UPI) app ecosystem in India and expanded its market share to 46.04 p.c in June, in accordance to the information launched by the National Payments Corporation of India (NPCI). The Walmart-owned platform noticed a 0.77 p.c enhance in its share over the 45.28 p.c reported in May in phrases of transactional quantity of all 50 apps (ensuing 2,807.51 million transactions). The progress of PhonePe has compelled Google Pay to proceed to sit on the second place, which it first obtained in December after dropping its management to PhonePe.

The information posted by the NPCI exhibits that PhonePe carried 1,292.71 million transactions value Rs. 2,62,565.88 crores in June that have been 142.87 million extra from the 1,149.84 million it made in May, which have been value Rs. 2,34,123.57 crores. The enhance in the transaction quantity helped the platform to not simply proceed its lead but additionally broaden the hole for Google Pay.

In comparability with PhonePe, Google Pay noticed a marginal drop of 0.04 p.c in its share in June that got here to 34.63 p.c, down from 34.67 p.c in May. The NPCI statistics present that the Google platform initiated 972.26 million transactions of value Rs. 2,07,287.73 crores in the month — exhibiting a rise of 91.67 million from 880.59 million transactions value Rs. 1,87,136.95 crores recorded in May.

Paytm Payments Bank got here third with 326.53 million customer-initiated transactions value Rs. 40,614.09 crores. It noticed a 0.18 p.c enhance in its market share of 11.63 p.c from 11.45 p.c reported in the month earlier.

After Paytm Payments Bank, Amazon Pay stood fourth with 51.34 million transactions value Rs. 4,814.74 crores. Yes Bank apps and the authorities’s BHIM UPI app got here at the fifth and sixth positions, respectively. Yes Bank captured 24.72 p.c share with a transaction quantity of Rs. 5,227.04 crores, whereas BHIM’s market share got here at 22.84 p.c with transactions value Rs. 7,319.77 crores.

Top 5 UPI apps in June (as per the NPCI information)

PlatformTransactions in May (in million)Transactions in June (in million)Change in transaction quantity (in million)Market share (in phrases of transaction quantity)
PhonePe1149.841292.71142.8746.04%
Google Pay880.59972.2691.6734.63%
Paytm Payments Bank290.69326.5335.8411.63%
Amazon Pay58.3551.34-7.011.83%
Yes Bank apps21.0824.723.640.88%

 

Interestingly, the information supplied by NPCI exhibits that WhatsApp Pay, the funds service launched final yr by the Facebook-owned firm, noticed a decline in each its transaction quantity and worth. The app, nonetheless, maintained its 0.02 p.c of market share.

UPI transactions total in the nation grew 10.55 p.c to 2,807.51 million in June that have been value Rs. 5,47,373.17 crores.


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(THIS STORY HAS NOT BEEN EDITED BY INDIA07 TEAM AND IS AUTO-GENERATED FROM A SYNDICATED FEED.)

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