According to data released by the National Payments Corporation of India (NPCI), PhonePe continued to dominate the unified payment interface (UPI) application ecosystem in India and expanded its market share to 46.04% in June. In terms of transaction volume for all 50 applications, the share of platforms owned by Walmart increased by 0.77% from the 45.28% reported in May (generating 2.8055.1 billion transactions). The growth of PhonePe forced Google Pay to continue to sit in second place, which was the first position it gained in December after losing its leadership over PhonePe.
According to the data released by NPCI, PhonePe has conducted transactions worth Rs 1,2.9271 crore. Revenue in June was 262,565.88 crore, which was an increase of 1.4287 crore and valued at Rs. 11.4984 crore in May. 2,34,123.57 crore. The increase in transaction volume not only helped the platform continue to lead, but also widened the gap with Google Pay.
Compared with PhonePe, Google Pay’s share in June dropped slightly by 0.04%, from 34.67% in May to 34.63%. NPCI statistics show that the Google platform initiated a transaction of 9.7226 billion rupees. Rs 2,07,287.73 crore that month-91.67 million more than the 88,059 million transactions worth Rs. It recorded 1,87,136.95 crore in May.
Paytm payment bank ranked third with 327.53 million customer-initiated transactions. 40,614.09 crore. Its market share increased by 0.18% from 11.45% reported a month ago to 11.63%.
After Paytm Payments Bank, Amazon Pay ranked fourth with 51.34 million transactions. 4,814.74 crore. Yes, the banking app and the government’s BHIM UPI app ranked fifth and sixth respectively. Yes Bank gained a 24.72% share with 24.72% of the transaction volume. Rs 5,227.04 crore, while BHIM’s market share is 22.84%, and the transaction value is Rs. 7,319.77 crore.
The top five UPI applications in June (according to NPCI data)
|platform||May transaction volume (million)||June transaction volume (million)||Change in transaction volume (millions)||Market share (calculated by transaction volume)|
|Paytm payment bank||290.69||326.53||35.84||11.63%|
|Yes banking app||21.08||24.72||3.64||0.88%|
Interestingly, data provided by NPCI shows that the transaction volume and value of WhatsApp Pay, a payment service launched by Facebook’s company last year, have declined. However, the application maintained a market share of 0.02%.
In June, the country’s total UPI transactions increased by 10.55 percent to 2.80751 million, valued at Rs. 5,47,373.17 crore.