Leaving Paytm and Google Tez behind, PhonePe has claimed top spot on the UPI network. The company has crossed 100 million monthly transaction in the month of July. After Paytm, it’s the second firm on UPI ecosystem to hit 94 million monthly transaction volume.
Paytm had emerged as highest volume processor on UPI in month of June when it did about 94 million transactions during the 30 days period.
Since its inception in October 2016, the Flipkart-owned payments company has been aggressive on integrating merchants. With over 3,00,000 merchants on its platform, PhonePe drives about 70 per cent overall merchant transactions on the UPI network, reveals the company’s press statement.
Paytm and Google’s Tez are yet to disclose their UPI transaction data for July.
Importantly, the company commands about 42 per cent of overall UPI transaction executed last month. As per NPCI data, about 235 million transactions were recorded in July. Out of which, PhonePe alone facilitated over 100 million transactions.
Although, the figure for the preceding month is below expectation as UPI transaction witnessed a decline of 4.5 per cent in terms of volume.
According to Sameer Nigam, CEO and Co-Founder, PhonePe – the platform’s reach in merchant ecosystem and NPCI’s decision to ban payments transfer within same account or UPI ID (where the payer and the payee account are actually the same) have been contributing immensely in its growth.
While PhonePe didn’t reveal value of transactions for July, it claimed Rs 10,000 crore worth transactions in the previous month.
Of late, both Paytm and PhonePe had been claiming pole position in UPI transaction share. Four months ago, PhonePe had cried foul over Paytm’s claim of higher transactions. It alleged that many Paytm users transferred nominal amount for the sake of driving number of transactions.
We have updated the headline to reflect the exact number of UPI transaction by PhonePe in July.