PhonePe holds 45% market share in UPI in May followed by Google Pay

In December 2020, the digital payment company, PhonePe overtook its rival Google Pay in terms of volume of UPI transactions and since then the company is maintaining the position of number one.

According to data released by the National Payments Corporation of India, in May PhonePe registered 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

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.

The market share of PhonePe in the UPI ecosystem is 45.27% 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 (PPB) 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.

PPB has a market share of 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.