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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.

UPI in June: PhonePe, Google Pay see marginal decline, Paytm records flat growth

EntrackrEntrackr · 1y ago
UPI in June: PhonePe, Google Pay see marginal decline, Paytm records flat growth
Medial

Digital payments platforms PhonePe and Google Pay saw a marginal decline in their total volume and value processed through Unified Payments Interface (UPI) in June while the third largest player Paytm recorded a flat growth in the last month. Overall, UPI saw a marginal dip of 1% in total transaction volume to 13.9 billion in June from 14 billion in May. During the period, the transaction value also reduced by a thin margin to Rs 20.07 lakh crore from Rs 20.45 lakh crore. As per data disclosed by NPCI, PhonePe processed 6.7 billion transactions worth Rs 10.09 lakh crore in June while Google Pay and Paytm’s transactions were recorded at 5.1 billion worth Rs 7.07 lakh crore and Rs 1.1 billion worth Rs 1.2 lakh crore respectively. Volume wise, PhonePe had 48.3% market share in UPI in June followed by Google Pay and Paytm with 36.7% and nearly 8% market share. In May, PhonePe processed Rs 10.33 lakh crore whereas Google Pay and Paytm’s value of transactions were recorded at Rs 7.2 lakh crore and Rs 1.24 lakh crore, respectively. In terms of volume, the trio registered 6.8 billion, 5.2 billion and 1.14 billion transactions, respectively. Paytm, which is supported by partnerships with major banks like Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank for UPI, has retained its market share for two consecutive months in the UPI ecosystem despite facing restrictions on onboarding new users. A bunch of new players such as CRED, NAVI, Groww, Slice and recently launched Flipkart UPI are also clocking decent volumes in UPI. According to the NPCI data, CRED has emerged as the fourth largest player in processing UPI payments. Interestingly, it has surpassed Amazon Pay, WhatsApp and BHIM and processed more than one third of Paytm’s value of transactions in the last month. Recently, NPCI chief operating officer (COO) Praveena Rai said that UPI is adding up to 6 million new users every month. NPCI has also set an ambitious target of achieving 1 billion transactions per day in the coming years.

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

EntrackrEntrackr · 10m 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 and G-Pay dominate UPI volume in July; Navi sees 2X spike

EntrackrEntrackr · 1y ago
PhonePe and G-Pay dominate UPI volume in July; Navi sees 2X spike
Medial

Unified payments interface (UPI) saw a 3.95% month-on-month growth in volume to 14.44 billion in July from 13.89 billion in June. While PhonePe and Google Pay maintained their market share in the last month, Paytm registered a minor decline. As per data published by National Payments Corporation of India (NPCI), PhonePe clocked 6.98 billion transactions in July followed by Google Pay and Paytm with 5.34 billion and 1.12 billion transactions, respectively. This translates into 48.3% market share for PhonePe, 37% for Google and 7.82% for Paytm. In June, PhonePe had 48.3% market share in UPI as of June followed by Google Pay and Paytm with 36.7% and nearly 8% market share. Value wise, PhonePe’s market share declined from 50.27% in June to 49.85% in July and Paytm’s market share also fell by a small margin to 5.98%. Google Pay’s value market share improved from 35% to 35.6%. The decline in market share for top players can be attributed to the entry of new players such as CRED, NAVI, Groww, Slice and Flipkart UPI which have been eating up a decent chunk of the volumes of leading apps. As per NPCI data, CRED was the fourth largest player in UPI, accompanied by Axis Bank Apps, Amazon Pay, Navi, ICICI Bank Apps, Fampay by Trio, and Kotak Mahindra Bank Apps. After much hype, WhatsApp Pay managed to get 11th position ahead of other notable apps such as BHIM, Groww, Slice, MobiKwik and Flipkart UPI. Among the new players, Sachin Bansal-led Navi nearly doubled its transactions from 35 million in June to 68 million in July. UPI is set to reach new heights in the coming months as it crossed the milestone of processing 500 million transactions daily for three times in August. Overall, this [August 5] was the fourth instance when UPI has crossed the milestone since its inception in April 2016. Notably, NPCI has set a target of clocking 1 billion transactions per day by 2026-27.

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