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UPI in May: PhonePe maintains domination, Paytm sees marginal growth

EntrackrEntrackr ยท 1y ago
UPI in May: PhonePe maintains domination, Paytm sees marginal growth
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 Paytmโ€™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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UPI in June: PhonePe, Google Pay see marginal decline, Paytm records flat growth

EntrackrEntrackr ยท 11m 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 Paytmโ€™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 Paytmโ€™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 Paytmโ€™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.

Paytm holds steady UPI market share for two consecutive months

EntrackrEntrackr ยท 1y ago
Paytm holds steady UPI market share for two consecutive months
Medial

Showing signs of recovery, Paytmโ€™s QR-based payments, and Soundbox, have retained their market share for two consecutive months in Unified Payments Interface (UPI) ecosystem despite facing restrictions on onboarding new users. Paytm secured over 8% of the overall UPI transaction market in both May and June 2024. In June, the total transactions on the Paytm platform stabilized at 1.1 billion, in line with Mayโ€™s figures, according to a document seen by Entrackr. Since becoming a Third-Party Application Provider (TPAP) in March, Paytm has managed to maintain its position as the third-largest player by UPI market share after PhonePe and Google Pay, as per the document. In terms of transaction value, Paytm processed Rs 1.2 trillion (Rs 1.2 lakh crore) worth of UPI transactions in June, repeating its performance in May. The company remains amongst the leading players in the peer-to-merchant (P2M) segment due to its extensive merchant network. Despite a slight dip in overall UPI transactions, Paytm has stayed in the fray as the market continues to be dominated by PhonePe and Google. 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. The latest volume and value break up for PhonePe and Google Pay are yet to be disclosed by NPCI. In May, the duo accounted for 48.6% and 37% market share by volume, respectively. Paytmโ€™s UPI is supported by partnerships with major banks like Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank. The company also has UPI Lite and Rupay credit card on UPI. As per reports, NPCI is also likely to review the 30% cap on the market share of third party UPI apps such as PhonePe and Google Pay.

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 hits 8 Bn UPI transactions in Jan; WhatsApp back in top 10

EntrackrEntrackr ยท 5m ago
PhonePe hits 8 Bn UPI transactions in Jan; WhatsApp back in top 10
Medial

The Unified Payments Interface (UPI) achieved a significant milestone in January, processing nearly 17 billion transactions valued at Rs 23.48 lakh crore. This marks a 39% year-on-year increase in transaction volume and a 28% rise in transaction value. As anticipated, this growth was driven by the three leading appsโ€”PhonePe, Google Pay, and Paytmโ€”while several newly launched apps also made notable contributions. PhonePe leads the chart with 8.1 billion transaction volume and a value of Rs 11,91,303.98 crore. Google Pay follows closely with 6.18 billion transactions valued at Rs 8,26,845.07 crore. Paytm secures the third spot, processing 1.15 billion transactions worth Rs 1,26,313.45 crore. The remaining apps, including Navi, Cred, and Amazon Pay, contribute notable but comparatively smaller transaction volumes and values. In terms of market share, the top three appsโ€”PhonePe, Google Pay, and Paytmโ€”dominate the landscape. PhonePe commands a 47.67% market share by volume and a 50.74% share by value. Google Pay holds a 36.38% share by volume and a 35.21% share by value. Paytm, while trailing, maintains a 6.78% share by volume and a 5.38% share by value. WhatsApp, recently authorized by NPCI to extend UPI services to its entire user base across India, has re-entered the top 10 UPI apps. The Meta-owned company has secured a spot in the top 10 for the first time since October 2024. As competition intensifies, NPCI has extended the compliance timeline by two years for TPAPs exceeding the UPI volume cap. As a result, the dominance of the top three players is expected to continue until then. NPCI Chief Dilip Asbe recently revealed that around 450 million users are currently using UPI, with nearly 200 million active daily users. He stressed the importance of strong support from the Reserve Bank of India (RBI), the government, and the financial ecosystem to develop strategies for onboarding an additional 200-300 million users onto the UPI platform.

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