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Government seeks 5% UPI market share for Bhim by 2028
Economic Times
·
4m ago
Medial
The Indian government plans for the NPCI-backed Bhim app to achieve a 5% market share in UPI transactions by 2028, up from its current 0.2% share. Efforts include upgrading Bhim's transaction capacity and revamping its user experience. NPCI has formed a separate entity to enhance Bhim's competitiveness. PhonePe and Google Pay currently dominate with over 85% market share. The government also aims to address security concerns posed by foreign-owned apps.
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Government cuts funding for RuPay and BHIM-UPI incentive scheme in Budget 2025
YourStory
·
6m ago
Medial
The Indian government has reduced funding for the RuPay and BHIM-UPI incentive scheme from Rs 2,484.97 crore in FY 2023-24 to Rs 437 crore by FY 2025-26, cutting it by 82%. Initially set at Rs 1,441 crore for FY 2024-25, incentives were later revised to Rs 2,000 crore. UPI incentives are crucial due to the eliminated Merchant Discount Rate (MDR), supporting small players in digital payments. With UPI's market share growing to 83%, NPCI extended the compliance deadline for third-party app volume limits to 2026.
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PhonePe and G-Pay dominate UPI volume in July; Navi sees 2X spike
Entrackr
·
11m ago
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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PhonePe dominates UPI ecosystem with 49% market share in April
Entrackr
·
1y ago
Medial
Digital payments platform PhonePe has continued to be the number one player in the unified payments interface (UPI) ecosystem with a market share of close to 49% in April 2024 across P2M (person to merchant) and P2P (person to person) transactions. PhonePe has maintained the leadership position in the overall UPI transactions for more than 40 months (since November 2020). As per the data issued by the National Payments Corporation of India (NPCI), PhonePe clocked 6.5 billion transactions via UPI out of the total transactions of 13.3 billion in the last month. This roughly translates to 48.87% market share in the UPI ecosystem which also includes players like Google Pay and Paytm, among many others. UPI transactions declined in volume in April by 1% to 13.3 billion from 13.44 billion in March. The total transaction value in the same period also fell 0.7% to Rs 19.64 trillion from Rs 19.78 trillion in March. While PhonePe and Google Pay registered 6.5 billion and 5 billion transactions respectively in March as well as in April, Paytm’s transactions slipped to 1.11 billion from 1.21 billion during the last two months. As of April, Google Pay and Paytm controlled 37.5% and 8.3% market share in the overall (P2M and P2P transactions) UPI ecosystem. Value wise, PhonePe had close to 51% market share followed by Google Pay and Paytm with 35% and 5% share respectively. For Paytm, this is the third consecutive decline in terms of monthly transactions in 2024. The trend can be seen below: In January, RBI had imposed restrictions on Paytm due to compliance concerns. This appears to be the primary reason behind the fall in UPI transactions for the Vijay Shekhar Sharma-led fintech major. The firm also saw a sharp fall in active users after January this year. Entrackr exclusively reported the development in April. Paytm later received permission from NPCI to participate in UPI through the third-party application provider (TPAP) under the multibank model. In April, CRED became the fourth largest UPI-enabled app which processed 138 million transactions. This was followed by Amazon Pay and Fampay with 64.33 and 46.64 million transactions, respectively. Government- promoted BHIM recorded 25 million transactions while WhatsApp reported over 34 million transactions in the last month. Significantly, NPCI is reportedly planning to review its decision to implement a 30% cap on the market share of UPI apps by the end of 2024.
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Indian parliamentary panel red-flags PhonePe and Google Pay cornering 83% of India's UPI payments amid Paytm clampdown
Startup News FYI
·
1y ago
Medial
An Indian parliamentary panel has raised concerns about the dominance of PhonePe and Google Pay in India's digital payments market, which command over 83% of the sector. The panel has urged the government to support local fintech players to provide alternatives. This comes as Paytm, another leading payments firm, faces a clampdown on its operations. The Reserve Bank of India's directive could further boost the market share of PhonePe and Google Pay. The report also highlights the low market share of indigenous UPI app BHIM. The National Payments Corporation of India has previously expressed similar concerns about the duopoly in the market.
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No merchant discount rate on UPI transactions
Economic Times
·
1m ago
Medial
The Indian government reaffirmed its support for digital payments via the Unified Payment Interface (UPI) by confirming there will be no merchant discount rate (MDR) on UPI transactions. Any speculation regarding MDR charges on these transactions is baseless, as zero MDR has been applied since January 2020 for RuPay debit cards and BHIM-UPI transactions. The government continues to promote digital transactions and supports the payment ecosystem through incentive schemes for low-value transactions.
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UPI in May: PhonePe maintains domination, Paytm sees marginal growth
Entrackr
·
1y ago
Medial
Digital payments platform PhonePe has maintained its top position in the Unified Payments Interface (UPI) ecosystem with a market share of more than 48% in May 2024. In May, UPI set a new record by processing more than 14 billion transactions worth Rs 20.45 lakh crore or Rs 20.45 trillion for the first time since its inception in 2016. As per the data issued by the National Payments Corporation of India (NPCI), PhonePe recorded 6.8 billion transactions via UPI out of the total transactions of 14 billion in the last month. Google Pay and Paytm processed 5.2 billion and 1.14 billion transactions, respectively. While PhonePe processed Rs 10.33 lakh crore (Rs 10.33 trillion) in May, Google Pay and Paytm’s value of transactions were recorded at Rs 7.2 lakh crore (Rs 7.2 trillion) and Rs 1.24 lakh crore (Rs 1.24 trillion, respectively. With this, PhonePe controls 48.6% market share by volume and Google Pay has 37% whereas Paytm has 8%. Value wise, the market share of the trio stood at 50.5%, 35% and 6%, respectively. The breakup of market share in April was almost the same. Paytm saw a marginal increase in its transactions in May after facing a decline for consecutive three months (February, March and April). This is a good sign for the company which had to go through restrictions imposed by the Reserve Bank of India earlier this year. In the past few months, UPI saw a new trend with the government-promoted BHIM has been in continuous decline. Moreover, CRED, Amazon Pay, WhatsApp and NAVI have recorded more transactions than the former. Notably, Fampay has recorded 50 million transactions in the last month, more than double to BHIM. As reported earlier, NPCI is also considering reviewing its decision to implement a 30% cap on the market share of UPI apps by the end of 2024. The decision will impact the transaction volume of third party apps like PhonePe and Google Pay.
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BHIM looks to bulk up with ONDC to take on digital payment heavyweights
Economic Times
·
1y ago
Medial
Payments app BHIM, developed by the National Payments Corporation of India (NPCI), is set to be available on the Open Network for Digital Commerce (ONDC) in an effort to compete with Google Pay and PhonePe in India's digital payments market. By entering the ecommerce sector through ONDC, BHIM aims to increase its adoption and challenge the dominance of its competitors. BHIM, which operates on the Unified Payments Interface (UPI), has seen lower adoption compared to Google Pay and PhonePe, but recent regulatory curbs on Paytm have led to increased downloads of BHIM. NPCI is also working on a BHIM 2.0 project to enhance user experience on the app.
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In fierce UPI fight, new players Flipkart-backed Super.Money, Navi, Cred start to gain ground
Economic Times
·
3m ago
Medial
New UPI apps like Super.Money, Navi, Bhim, and Cred are increasing their market share with cashback offers and incentives, while PhonePe and Google Pay maintain dominance at 82% combined. Despite a slowing growth rate, UPI transactions continue to rise, with new apps benefiting from increased usage during events like the IPL. While newcomers gain early traction, sustainability remains uncertain in a competitive market where established players might enhance their strategies to retain control.
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Flipkart-backed Super.money climbs UPI rankings in Feb as leaders see volumes dip
YourStory
·
4m ago
Medial
Super.money has climbed to the fifth-largest position among UPI platforms, surpassing Cred and Axis Bank Apps by processing 139.1 million transactions in February. Despite PhonePe and Google Pay retaining top spots, overall UPI transactions saw a decline. Paytm remained third with a smaller transaction drop. The Indian government reduced the budget for promoting RuPay and BHIM-UPI incentives, which are crucial for facilitating low-value transactions amidst the absence of Merchant Discount Rate fees.
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UPI transactions surge 13.6% in March
Entrackr
·
4m ago
Medial
UPI transactions surge 13.6% in March Unified Payments Interface (UPI) recorded 18.30 billion transactions in March, compared to 16.11 billion in February. This represents a 13.6% month-on-month growth and a 36% year-on-year increase, according to data published by NPCI. For the first time, UPI crossed the 18 billion transaction volume mark on a monthly basis. The total transaction amount in March rose by approximately 12.80% to Rs 24.77 lakh crore, compared to Rs 21.96 lakh crore in February. The average daily transaction count in March stood at 590 million, compared to 575 million in February. The average daily transaction amount also saw an increase to Rs 79,910 crore in March from Rs 78,446 crore in the previous month. Several factors have contributed to this growth, including the widespread adoption of UPI by merchants across sectors, government initiatives promoting digital transactions, and increased consumer awareness and convenience. For context, the Indian government recently approved a new scheme to encourage small merchants to use digital payments through the BHIM-UPI platform. The 'Incentive Scheme for Promotion of Low-Value BHIM-UPI Transactions (P2M)' will run from April 1, 2024, to March 31, 2025, with a budget of Rs 1,500 crore. While the top three UPI apps—PhonePe, Google Pay, and Paytm—continued to dominate the market as of February, Flipkart’s Super.money entered the top five for the first time.
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