The top three players on India’s flagship payments platform, Unified Payments Interface (UPI), processed 93 per cent of all such transactions in July, according to data from the National Payments Corporation of India (NPCI).
Walmart-backed fintech major PhonePe continued its streak as the largest player in the UPI ecosystem with a market share of 48.38 per cent. The Bengaluru-based company processed 6.98 billion transactions amounting to Rs 10.28 trillion in July.
Google Pay ranked second in UPI transaction volumes the same month, with the company cornering about 37 per cent of the market share. It processed 5.34 billion transactions with a cumulative value pegged at Rs 7.35 trillion.
The two largest players process about 85 per cent of UPI volumes in the country.
Meanwhile, One97 Communications, the fintech operating brand Paytm, had a share of 7.82 per cent at the end of July. The volume and value of UPI transactions at the company were pegged at 1.12 billion and Rs 1.23 trillion, respectively.
The rest of the UPI and bank applications in the country have a market share of less than one per cent on UPI.
UPI reported a 45 per cent year-on-year (Y-o-Y) growth in transaction volume, reaching 14.44 billion in July. The value of transactions also saw a 35 per cent Y-o-Y increase, totalling Rs 20.64 trillion.
This marked the third consecutive month in which the value of transactions exceeded Rs 20 trillion. Previously, UPI transaction values totalled Rs 20.07 trillion in June and Rs 20.44 trillion in May.
Source: NPCI
First Published: Aug 14 2024 | 5:11 PM IST
