Google Tez UPI volume crosses PhonePe while Paytm maintains pole position

Paytm

With a 30 per cent month-on-month growth in June, Unified Payments Interface (UPI) has witnessed a remarkable comeback after six months. The total UPI transaction is about to touch 250 million figure. Third-party payment apps such as Paytm, PhonePe and Google’s Tez have again driven the growth of the NPCI-owned platform.

While the Alibaba-backed company has claimed to clock 94 million transactions over UPI in June, Flipkart-owned PhonePe receives over 50 million transactions out of the total number of UPI transactions.

The figure for May is not available. However, the current data revealed by these companies showed a significant spike in Paytm UPI transaction volume while PhonePe witnessed a marginal downfall.

Paytm stands ahead in the race by grabbing the largest chunk of the UPI pie with 38 per cent of total transaction done via UPI. The payment firm got 33 per cent marketshare in April. PhonePe, which got the second position in April with 42 .4 million transactions has received 20 per cent of UPI share in June.

Meanwhile, Google Tez, which started its operations in September last year has emerged as the dark horse in the UPI race. According to an ET report, Google Tez now accounts for about 22 per cent of the total volume on UPI, clocking 54 million transactions.

As far as the value of transactions is concerned, PhonePe stands at Rs 10,000 crore, whereas Paytm and Google Tez did not reveal figures.

Government run BHIM has also recovered itself in the last two months. It recorded a 15 per cent increase in the volume of transaction in June and grew by 9 per cent with Rs 6261.25 crore transaction in value.

Besides, other third-party payments apps such as Mobikwik and FreeCharge have not disclosed any fresh data on UPI transactions.

WhatsApp, which is delaying its payments launch due to regulatory norms has also not revealed any data recently. However, it clocked about 1,70,000 transactions in April. Its score for February and March was around 1,90,000.

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