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

Economic TimesEconomic Times ยท 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, G-Pay lead UPI market share; Navi surpasses CRED to enter top 4

EntrackrEntrackr ยท 7m ago
PhonePe, G-Pay lead UPI market share; Navi surpasses CRED to enter top 4
Medial

The Unified Payments Interface (UPI) recorded a 10% month-on-month rise in transaction volume in October, driven by increased activity from both existing participants and new entrants in the ecosystem. Digital payments platform PhonePe retained its position as the market leader with 7.9 billion customer-initiated transactions worth Rs 11,69,290 crore. Google Pay came in second with 6.2 billion transactions valued at Rs 8,49,327 crore. PhonePe and Google Pay saw an upward trajectory in both volume and value, whereas Paytm (OCL) maintained its third-place position with 1.16 billion transactions valued at Rs 1,29,584 crore. Despite the surge in transactions, PhonePeโ€™s market share saw a minor drop to 47.66% in October from 48% in September. Google Pay and Paytmโ€™s market share by volume remained unchanged. The trio collectively control more than 90% market share in UPI. In terms of value, PhonePe had 49.76% market share, again a minor decline from 49.95% in September. Google Pay and Paytm saw no change in their market share by value. Other notable players include Navi and CRED, with 157.5 million and 152.3 million transactions, respectively. For the first time, Navi has surpassed CRED to become the fourth-largest player in UPI by volume. However, CRED's higher transaction value of Rs 55,202 crore against Naviโ€™s Rs 8,841 crore highlights its growing importance in high-value payments. Emerging players like FamApp by Trio and WhatsApp recorded modest but promising growth in the competitive UPI space. Recently, NPCI approved Paytm to onboard new UPI users. The firm also increased transaction limits for UPI payments, UPI Lite Wallet, and UPI 123Pay to boost digital adoption and support the governmentโ€™s goal of 1 billion daily transactions by 2026-27.

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

EntrackrEntrackr ยท 6m 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 trioโ€™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 companyโ€™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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