PhonePe controls over 45% market share in UPI in May

PhonePe overtook its arch-rival Google Pay in terms of UPI transaction volume and value in December 2020 and the home-grown digital payments firm has since maintained its numero uno status. Now in May, the Bengaluru-based company had recorded 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, data released by the National Payments Corporation of India shows.

PhonePe increased the number of UPI transactions

PhonePe users made 1292.71 million (129.27 crore) UPI transactions from the app in June. Whereas in May, users did 1149.84 million (114.98 crore) transactions. That is, the number of UPI transactions on a monthly basis increased by 142.87 million (14.28 crore). PhonePe has 320.45 million (32.04 crore) more UPI transactions than second-ranked Google Pay.

Google Pay’s market share declined

Google Pay users did 880.59 million (88.05 crore) UPI transactions in June. The number of these transactions in May was 972.26 million (97.22 crore). That is, the number of his transactions increased by 91.67 million (9.16 crore). Even after this, the company’s market share declined by 0.04%. Google Pay’s market share stood at 34.63% in June, up from 34.67% in May. According to NPCI, a total of Rs 2,07,287.73 crore transactions were done in June with Google Pay.

Paytm’s transactions and market share increased

The number of UPI transactions of Paytm, which is at number three, has also increased. In May, 290.69 million (29.06 crore) UPI transactions were done through the company’s app, which increased to 326.53 million (32.65 crore) in June. That is, the number of its transactions has increased by 35.84 million (3.58 crore). The company’s market share stood at 11.63% in June. Its market share increased by 0.18% compared to May.

Amazon Pay loses 7% of transactions

Amazon Pay was at number four in the list of UPI transactions. However, its transaction count declined by 7.01 million. The company’s app saw 58.35 million () transactions in May, which declined to 51.34 million () in June. At the same time, the company’s market share stood at 1.83%. Here, Yes Bank ranked fifth in the list. Its UPI transaction count in June stood at 24.72 million (2.47 crore) and a market share of 0.88%.

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