UPI payments have been becoming increasingly popular in India over the past few years, and for good reason too. The ease of payment and hassle-free budget management have made making payments through the United Payment Interface (UPI) mode a cakewalk, resulting in a number of digital payment platforms being introduced in the country. Despite this growing competition, home-grown app PhonePe has managed to maintain its place as market leader, and today, it has hit a new high, with respect to the number of UPI transactions in June.
Having recorded a staggering total of 1292.71 million transactions, worth a total of ₹262,565.88 crore, PhonePe has succeeded in further widening the gap with second-in-line Google Pay, in terms of market share.
In June, the Indian app controlled around 46% of the UPI market share in India, while Google Pay, with its 972.26 million transactions amounting to ₹207,287.73 crore, has a share of some 34.6%. These numbers indicate that Bengaluru-based PhonePe was up 1% in June, as compared to its market share in May, while GPay saw a small dip from 34.67%.
These two platforms are not the only names that come to mind, however, when one considers the number of UPI services available. This was reflected in the total number of UPI transactions last month, which stood at 2807.51 million, indicating that other UPI portals and gateways saw around 543 million cumulative transactions. Out of these, the majority of payments were peer-to-peer (about 1550.08 million), while the remaining were peer-to-merchant.
After PhonePe and Google Pay, the third position went to Paytm Payments Bank (just Paytm for short). The platform, which was once hailed as the the revolution in the way that India makes payments, has been at third place for quite a while now. In June, it witnessed 326.53 million transactions, amounting to ₹40,614.09 crore. Next came Amazon Pay, followed by Yes Bank.
Things seemed to be rather stagnant for WhatsApp, which came up with its own payments feature fairly recently. The Facebook-owned platform did now show any growth, and instead, recorded a small fraction of the national total in UPI payments, amounting to only 0.46 million transactions, which took ₹42.44 crore. This is mostly because the platform has been restricted from growing its WhatsApp Pay service to more users for now. As the functionality opens up for more users, we can expect to see a rise in WhatsApp facilitated transaction very soon.
BHIM UPI, on the other hand, noted some 22.84 million transactions in the past month, which added up to ₹7319.77 crore, keeping it ahead of Yes Bank (24.72 million transactions worth ₹5227.04 crore) in terms of the value of transactions processed.