PhonePe controls over 45% market share in UPI in May; Google Pay improves a bit

PhonePe overtook its arch-rival Google Pay in terms of UPI transaction volume and value in December 2020 and the home-grown digital payments firm has since maintained its numero uno status.

Now in May, the Bengaluru-based company had recorded 1,149.84 million transactions worth Rs 2,34,123.57 crore whereas Google Pay registered 880.59 million transactions amounting to Rs 1,87,136.95 crore, data released by the National Payments Corporation of India shows.

To recall, the total transactions processed by UPI in May was 2,539.57 million amounting to Rs 4,90,638.65 crore. It was a 4.16% drop in volume for the digital payments railroad as compared to April.

PhonePe now has a 45.27% market share in the UPI ecosystem while Google Pay’s market share is 34.67%. In April, PhonePe recorded 1189.89 million transactions with 45% market share followed by Google Pay’s 905.96 million transactions with 34.3% market share.

In the top five UPI apps, Paytm Payments Bank holds the third position followed by Amazon Pay and Yes Bank apps. PPB has recorded 290.69 million transactions whereas Amazon Pay and Yes Bank apps recorded 58.35 million and 21.08 million transactions respectively.

In terms of market share, PPB holds 11.44% while Amazon Pay and Yes Banks apps have 2.29% and 0.83% share respectively. Government-promoted BHIM stood at 6th position with 0.8% share. However, it was far ahead of Yes Bank apps in terms of amount processed through its app.

CRED, which is listed on NPCI as a third party UPI app, has recorded 5.65 million transactions amounting to Rs 6,142.78 crore. It’s worth noting that UPI is one of the payment modes on the credit card payments platform.

NPCI also allowed WhatsApp to roll out the UPI payments feature for 20 million users in November 2020. However, the Facebook-owned messaging app has not been able to gain traction in the last six months and it recorded only 0.51 million transactions amounting to Rs 48.15 crore in May.