The digital payment platform PhonePe leads the UPI ecosystem again in August in terms of transaction volume and value compared to competitors such as Google Pay and Paytm.
PhonePe recorded 1,622.95 million or 1.6 billion transactions valued at Rs 3,01,644.80 crore in August. data shows published by the National Payments Corporation of India. During the reporting period, Google Pay registered 1234.75 million, or Rs 1.2 billion, worth Rs.244.453.05 billion.
UPI had registered 3.55 billion transactions valued at Rs 6.39.116 billion, of which Peer-to-Peer (P2P) and Peer-to-Merchant (P2M) transactions recorded 1.945.80 million and 1609.74 million respectively became.
In terms of market share by volume, PhonePe recorded a 45.64% stake in UPI in August, while Google Pay recorded 34.72%. By doing Last month, PhonePe and Google Pay had a market share of 45.94% and 34.45% respectively in the UPI ecosystem.
While their market share remained constant compared to the previous month, the duo had broken all previous records in terms of the number of transactions and the volume of transactions via UPI. With a significant surge in transaction numbers, Google Pay didn’t let PhonePe widen the void in August.
Paytm, which has already distanced itself from UPI-focused payments, has recorded 423.63 million transactions valued at 50,021.40 billion rupees and controls 11.91% of its share in the UPI ecosystem.
New entrants to UPI like WhatsApp continue to show disappointing figures as Facebook’s own messenger registered 0.5 million transactions totaling 44.70 billion rupees. WhatsApp was expected to grow in recent months as it allowed it to take more users on board.
It’s worth noting that PhonePe was also the most downloaded fintech app in India in August. According to Sensor Tower data, PhonePe had 9.5 million downloads on the Play Store and App Store during the month, followed by 7 million from Google Pay and 6.1 million from Paytm.