PhonePe overtake Google Pay as far as UPI transaction volume and worth in December 2020 and from that point forward it has followed a similar example. Google Pay’s month to month volume development rate is reduced, though the same for PhonePe increased.
UPI market leader PhonePe additionally crossed an achievement during March. “We crossed a billion UPI transaction in March.
A month ago, the complete transaction on our app across the payment instruments of wallet, card, and UPI that we offer remained at 1.3 billion,” a PhonePe representative said recently.
Overall UPI Transactions
As per information provided by the National Payments Corporation of India, PhonePe had 1,149.84 million transactions for Rs 2,34,123.57 crore in May, while Google Pay had 880.59 million transactions worth Rs 1,87,136.95 crore.
PhonePe Market Share in Upi
In the UPI network, PhonePe at present has a 45.27 percent market share of the overall industry, while Google Pay has a 34.67 percent market share. PhonePe had 1189.89 million transactions in April, representing 45% of the market, while Google Pay had 905.96 million transactions, representing 34.3 percent of the market.
Paytm Payments Bank is positioned third among the main five UPI applications, trailed by Amazon Pay and Yes Bank. PPB has 290.69 million transactions added to its belt, while Amazon Pay and Yes Bank have 58.35 million and 21.08 million transactions, individually.
In the term of upi Market share, PPB holds 11.44% while Amazon Pay and Yes Banks applications have 2.29% and 0.83% offer individually. Government-advanced BHIM remained at sixth position with a 0.8% share.
However, it was a long ways in front of Yes Bank applications as far as the sum handled through its application.
CRED, which is listed on NPCI as an third party UPI application, has recorded 5.65 million transactions adding up to Rs 6,142.78 crore.