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PhonePe, G-Pay see decline in UPI transactions in Sept; gaming payments collapse

EntrackrEntrackr · 2d ago
PhonePe, G-Pay see decline in UPI transactions in Sept; gaming payments collapse
Medial

PhonePe, G-Pay see decline in UPI transactions in Sept; gaming payments collapse September witnessed a steady performance in India’s Unified Payments Interface (UPI) ecosystem, with a total of 19,633.43 million transactions processed during the month. While transaction volumes saw a marginal decline compared to August, the total value of payments rose slightly to Rs 24,89,736.54 crore. PhonePe retained its position as the market leader, accounting for around 45.6% of the total transaction volume and 48.4% of the total transaction value. Google Pay followed with a 34.8% share by volume and 35.1% by value, while Paytm held the third spot with 7.1% of the volume and 5.8% of the value. Comparing these figures to August, PhonePe's market share by volume saw a slight decrease from 45.74% to 45.6%, while its share by value remained stable at 48.4%. Google Pay experienced a marginal decline in both volume and value market shares, from 35.30% and 35.55% respectively in August to 34.8% and 35.1% in September. Paytm's market share remained relatively unchanged, with a slight increase from 7.0% in August to 7.1% by volume. Emerging players such as Navi and super.money expanded their presence in the UPI space, though their market shares remain modest. Navi recorded 2.7% of transaction volume and just over 1% of value, while super.money accounted for 1.3% of volume and 0.4% of value. In September, groceries and supermarkets led UPI merchant categories with 3,126.25 million transactions worth Rs 66,409 crore. Fast food outlets, restaurants, fuel stations, telecom, and utility payments also saw strong activity, reflecting continued consumer reliance on UPI for both essential and everyday purchases. Importantly, transactions for digital goods, including gaming, fell drastically. The actual numbers, including transactions related to the purchase of in-game currency, cosmetic skins, and virtual real estate, might have been included in other transactions reported by NPCI. This decline can be attributed to the Indian government’s ban on real-money gaming platforms in mid-August. Update: The earlier version of the headline and story mentioned zero transactions from digital goods. However, these may be included in other transactions in NPCI data. The information has been updated accordingly.

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Related News

Paytm UPI payments drop further in March; PhonePe, Google Pay show gains

Economic TimesEconomic Times · 1y ago
Paytm UPI payments drop further in March; PhonePe, Google Pay show gains
Medial

Paytm, a leading digital payments company, experienced a slight decline in Unified Payments Interface (UPI) transactions in March. While Paytm processed around 1.2 billion UPI transactions, down from 1.3 billion in February and 1.4 billion in January, its competitors PhonePe and Google Pay saw an increase in transaction volumes. Google Pay processed 5 billion transactions in March, while PhonePe processed 6.5 billion transactions. Paytm has been steadily losing market share on UPI and has shifted its UPI payments to four large banks. Overall, UPI payments rose to 13.4 billion in March. NPCI is closely monitoring the market share dynamics as there is a regulatory mandate to restrict any single payment application from exceeding 30% market share on UPI.

PhonePe widens lead over G-Pay in March; CRED’s UPI ranking slips to 7th

EntrackrEntrackr · 6m ago
PhonePe widens lead over G-Pay in March; CRED’s UPI ranking slips to 7th
Medial

PhonePe widens lead over G-Pay in March; CRED’s UPI ranking slips to 7th While the top five UPI apps — PhonePe, Google Pay, Paytm, Navi, and Super.money — maintained their positions, CRED dropped to seventh place, overtaken by Axis Bank. The Unified Payments Interface (UPI) recorded a 13.6% increase in volume in March, reaching 18.30 billion transactions. While the top five UPI apps — PhonePe, Google Pay, Paytm, Navi, and Super.money — maintained their positions, CRED dropped to seventh place, overtaken by Axis Bank. This follows a similar shift in February, when Super.money replaced CRED in the top five rankings. Axis Bank moved ahead of CRED after recording 125 million B2C transactions in March. In the UPI system, B2C (business-to-customer) transactions include payments like refunds, salaries, or cashback that businesses send to customers. With a commanding 47.25% market share by transaction volume, PhonePe retained its top position by processing 8.64 billion transactions. Google Pay followed closely with 36.04%, handling 6.59 billion transactions. Together, the two giants controlled over 83% of the UPI transaction volume. Paytm, the third largest player, contributed a 6.67% share (1.22 billion transactions). In terms of transaction value, PhonePe again led with a 50.76% market share, handling over Rs 12.57 lakh crore, followed by Google Pay at 34.99% (Rs 8.66 lakh crore). CRED, despite a modest volume share of 0.79%, emerged as a high-value player and contributed Rs 55,091.22 crore, or 2.22% of the total value. This reflects the firm’s positioning among high-value users. Other apps like Amazon Pay, ICICI Bank, and Axis Bank had a relatively minor presence in terms of both volume and value but still catered to specific user segments. In a recent development, the Indian government approved a new scheme with a budget of Rs 1,500 crore to encourage small merchants to use digital payments through the BHIM-UPI platform.

PhonePe, G-Pay lead UPI transactions in December; Paytm struggles

EntrackrEntrackr · 9m ago
PhonePe, G-Pay lead UPI transactions in December; Paytm struggles
Medial

PhonePe, G-Pay lead UPI transactions in December; Paytm struggles In December, the market share of the top three UPI apps by transaction volume saw PhonePe leading with a dominant share of 47.7%. Google Pay followed with a strong 36.7%. The UPI payment ecosystem continued to see dominance from PhonePe and Google Pay in December 2024, with both platforms recording substantial transaction volumes and values. While PhonePe led the market in both transaction volume and value, Google Pay maintained a strong second-place position. According to the latest data, PhonePe registered 7.98 billion transactions with a total transaction value of Rs 11.76 lakh crore. Meanwhile, Google Pay recorded a transaction volume of 6.1 billion and a value of Rs 8.22 lakh crore for the month. On the other hand, Paytm, a key player in the digital payments space, struggled to keep pace with its competitors. It recorded a relatively smaller transaction volume of 1.15 billion, with a total value of Rs 1.25 lakh crore. In December, the market share of the top three UPI apps by transaction volume saw PhonePe leading with a dominant share of 47.7%. Google Pay followed with a strong 36.7%, while Paytm captured a smaller share of 6.87%. In terms of value, the trio’s market share stood at 50.6%, 35.38%, and 5.4% respectively. While PhonePe and Google Pay saw a slight increase in their market share compared to November, Paytm experienced a small decline, with its market share dropping from 6.95% in volume and 5.48% in value. Citing NPCI data, brokerage firm UBS said that Paytm did not gain any UPI market share in December, despite the company receiving clearance to add customers in October. Additionally, the Noida-based company’s shares dropped by 7.5% on Wednesday. Navi, which recently emerged as the fourth-largest player in terms of UPI volume, processed 202.53 million transactions amounting to Rs 11,317.09 crore, while Cred recorded 143.07 million transactions, valued at Rs 50,979.94 crore. As the competition heats up, NPCI has extended the compliance timeline for TPAPs exceeding the volume cap in UPI by two years. The Dilip Asbe-led firm also allowed Meta-owned WhatsApp to extend UPI services to its entire user base across the country. In December, WhatsApp recorded 57.7 million transactions worth Rs 4,348.19 crore and is ranked 11th among UPI-based apps.

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