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Market Share Expansion: NPCI Nudging New UPI Players To Incentivise Consumers
Inc42 · 1y ago
Medial
The National Payments Corporation of India (NPCI) is encouraging new third-party payment apps on Unified Payments Interface (UPI) to invest in and incentivize users. The aim is to reduce the dominance of PhonePe and Google Pay platforms and encourage users to transact on these new platforms. Cred, Slice, Fampay, Zomato, Groww, and Flipkart are among the new entrants aiming to acquire users. However, offering small incentives may not significantly impact market share. The new UPI apps are seeking clarity on the December deadline for market share limits before investing significant capital.
Paytm’s UPI Transactions Drop Further In March; PhonePe, GPay Log Gains
Inc42 · 1y ago
Medial
Paytm, one of India's leading digital payment companies, experienced a marginal decline in its UPI transactions in March, processing around 1.2 billion transactions. Meanwhile, competitors PhonePe and Google Pay saw an increase in transaction volume. PhonePe recorded 6.5 billion transactions, while Google Pay processed 5 billion transactions. Cred, ranking as the fourth largest UPI app, reported 132 million transactions in March. Paytm has been losing market share in UPI and recently transferred its UPI payments to several major banks. NPCI is monitoring market share dynamics and plans to implement a cap on single payment app market share at 30% by year-end.
ET World Leaders Forum | UPI market share cap not a problem, there is scope for everyone: Google Pay VP
Economic Times · 11m ago
Medial
Ambarish Kenghe, VP of Google Pay, believes that the UPI market has room for multiple players and does not see a challenge with the proposed market share cap. The central government and NPCI had suggested a 30% market share cap to prevent dominance, but enforcing it seems unlikely. PhonePe is currently the largest UPI payment app with 48% market share, followed by Google Pay with 37%. Kenghe also mentioned that Google Pay utilized AI to detect and prevent financial fraud, saving around Rs 12,000 crore last year.
A new UPI innovation has PhonePe and Google Pay worried
Money Control · 1y ago
Medial
A new UPI innovation is causing concern for PhonePe and Google Pay. This innovation, named 'Vajra', is a system that enables transactions without requiring an internet connection or a smartphone app. Developed by an Indian startup, Vajra could potentially disrupt the dominance of PhonePe and Google Pay in the UPI payment space, leading to increased competition.
Amazon Pay sees big opportunities in India’s small towns, offline payments
Livemint · 1y ago
Medial
Amazon Pay India is aiming to enter the offline payment space by introducing new payment methods, enhancing safety and security, and forming partnerships with banks. The digital payment arm of Amazon India plans to offer a range of options, including Unified Payments Interface, credit cards, and wallets, rather than focusing on a single segment. Amazon Pay is also eyeing opportunities in smaller towns as the adoption of digital payments in these areas has seen significant growth. However, Amazon Pay's market share in India's retail payments sector remains lower compared to competitors like Google Pay, PhonePe, and Paytm.
Amazon infuses Rs 350 crore into India payments business amid growing competition
Economic Times · 3m ago
Medial
Amazon has injected Rs 350 crore into Amazon Pay India to enhance competitiveness against rivals like PhonePe and Google Pay. This follows previous fundings and takes place as Flipkart’s fintech app seeks additional capital. Amazon Pay ranks eighth in UPI transaction volume, with a market share of 0.6%. It recently obtained a payment aggregator license from RBI, enhancing its merchant payment capabilities. The company reported increased revenue and reduced losses for FY24.
Paytm UPI payments drop further in March; PhonePe, Google Pay show gains
Economic Times · 1y ago
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
Entrackr · 8m ago/entrackr/media/post_attachments/wp-content/uploads/2024/09/UPI-apps.jpg)
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, PhonePe’s market share saw a minor drop to 47.66% in October from 48% in September. Google Pay and Paytm’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 Navi’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 government’s goal of 1 billion daily transactions by 2026-27.
PhonePe, G-Pay lead UPI transactions in December; Paytm struggles
Entrackr · 6m ago
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.
NPCI removes 100-million-users cap on WhatsApp Pay
Economic Times · 7m ago
Medial
The National Payments Corporation of India (NPCI) has lifted the 100-million-user cap on WhatsApp Pay, allowing the platform to onboard all its over 500 million Indian users to its UPI-based payment service. Initially capped at one million in 2020 and raised to 100 million in 2022, the removal aims to foster adoption despite WhatsApp's minimal UPI market share compared to Google Pay and PhonePe. The NPCI's move seeks broader use of WhatsApp Pay in mainstream transactions.
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