The digital payment apps PhonePe and Google Pay are the market leaders when it comes to processing Unified Payments interfaces or UPI transactions. The two together processed 2947.75 million transactions in September, where PhonePe was ahead of Google Pay and recorded 1,653.19 million transactions. data shows published by the National Payments Corporation of India.
Google Pay registered 1,294.56 million transactions valued at 2,50,393.65 billion rupees, while the amount processed by PhonePe was 3,06,437.37 billion rupees. Over the past 10 months, PhonePe has held a significant lead over Google Pay in terms of the number and value of transactions.
As a reminder, UPI recorded 3.65 billion (3.654.30 million) transactions valued at 6.54.351.81 billion rupees in September.
In terms of volume market share in UPI, PhonePe and Google Pay control 45.2% and 35.42% respectively in September. In the previous month, PhonePe has proven itself as 45.64% share in August, while Google Pay was down 34.72%.
Among the five best UPI apps, Paytm [Paytm Payments Bank] recorded 462.71 million transactions totaling Rs 53,793.06 crore, followed by Amazon Pay and BHIM with 62.9 million and 25.36 million transactions, respectively.
WhatsApp, which is showing overwhelming numbers, has crossed the 1 million transaction mark for the first time. Facebook’s own messenger recorded 1.01 million transactions valued at 62.31 billion rupees in September, compared to 0.5 million transactions valued at 44.70 billion rupees in the previous month.
It’s worth noting that PhonePe was also the most downloaded fintech app in India in September. According to Sensor Tower data, PhonePe had 13.2 million downloads on the Play Store and App Store during the month, followed by 6.4 million from Google Pay and 5.9 million from Paytm.
According to the NPCI, all UPI apps from third-party providers must adhere to a rule that limits the market share of such apps to a maximum of 30%.