Digital payments apps PhonePe and Google Pay are the market leaders in terms of processing unified payments interface or UPI transactions. The two have collectively processed 2947.75 million transactions in September in which PhonePe was ahead of Google Pay and recorded 1,653.19 million transactions, data released by the National Payments Corporation of India shows.
Google Pay registered 1,294.56 million transactions worth Rs 2,50,393.65 crore whereas the amount processed by PhonePe was recorded at Rs 3,06,437.37 crore. For the past 10 months, PhonePe has been able to keep a significant lead over Google Pay in terms of processing number and value of transactions.
To recall, UPI recorded 3.65 billion (3,654.30 million) transactions worth Rs 6,54,351.81 crore in September.
In terms of volume-wise market share in UPI, PhonePe and Google Pay control 45.2% and 35.42% respectively as of September. In the previous month, PhonePe registered a 45.64% share in August whereas Google Pay recorded 34.72%.
In the top five UPI apps, Paytm [Paytm Payments Bank] recorded 462.71 million transactions amounting to Rs 53,793.06 crore followed by Amazon Pay and BHIM which posted 62.9 million and 25.36 million transactions respectively.
WhatsApp, which has been showing underwhelming numbers, crossed the 1 million transaction mark for the first time. The Facebook-owned messenger has recorded 1.01 million transactions worth Rs 62.31 crore in September as compared to 0.5 million transactions amounting to Rs 44.70 crore in the previous month.
It’s worth mentioning that PhonePe was also the most downloaded fintech app in India in September. According to Sensor Tower data, PhonePe had amassed 13.2 million downloads across Play Store and App Store during the month, followed by Google Pay’s 6.4 million and Paytm’s 5.9 million.
As per NPCI, all third party UPI apps will have to abide by a rule that will cap the market share of such apps to a maximum of 30%.