Following this announcement, the research saw that digital payment platforms PhonePe and Google Pay registered a marginal decline in their total volume and value that were processed through the Unified Payments Interface (UPI) in June. At the same time, the third largest player, Paytm, also recorded a flat development in the last month.
Overall, the Unified Payments Interface (UPI) also saw a marginal dip of 1% in total transaction volume to 13.9 billion in June, from 14 billion in May. Across this period of time, the transaction value was also reduced by a thin margin to approximately INR 20.07 lakh crore from INR 20.45 lakh crore.
According to data disclosed by NPCI, PhonePe processed 6.7 billion payments worth INR 10.09 lakh crore in June, while Google Pay and Paytm’s transactions were recorded at 5.1 billion worth INR 7.07 lakh crore and INR 1.1 billion worth INR 1.2 lakh crore respectively. In addition, volume-wise, PhonePe had also a 48.3% market share in UPI in June, which was followed by Google Pay and Paytm with 36.7%, as well as nearly 8% market share respectively.
Paytm is supported by partnerships and collaborations with major banks like Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank for UPI, and it has retained its market share for two consecutive months in the UPI ecosystem despite facing restrictions on the process of onboarding new customers.
At the same time, in May, PhonePe processed Rs 10.33 lakh crore, where Google Pay and Paytm’s value of transactions were recorded at Rs 7.2 lakh crore and Rs 1.24 lakh crore. In terms of volume, the trio also registered 6.8 billion, 5.2 billion, and 1.14 billion payments.
A suite of numerous new players, such as CRED, NAVI, Groww, Slice, and recently launched Flipkart UPI are also clocking decent volumes in UPI. At the same time, according to the NPCI data, CRED also emerged as the fourth largest player in the overall processing of UPI transactions. Furthermore, it has also surpassed Amazon Pay, WhatsApp, and BHIM, while also processing more than one-third of Paytm’s value of payments in the last month.
NPCI also set a target of achieving 1 billion transactions per day in the following years.
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