PhonePe has continued to dominate the Unified Payments Interface (UPI) app ecosystem in India and expanded its market share to 46.04 % in June, in keeping with the information launched by the National Payments Corporation of India (NPCI). The Walmart-owned platform noticed a 0.77 % improve in its share over the 45.28 % reported in May by way of transactional quantity of all 50 apps (ensuing 2,807.51 million transactions). The development of PhonePe has compelled Google Pay to proceed to take a seat on the second place, which it first acquired in December after shedding its management to PhonePe.
The knowledge posted by the NPCI exhibits that PhonePe carried 1,292.71 million transactions price Rs. 2,62,565.88 crores in June that have been 142.87 million extra from the 1,149.84 million it made in May, which have been price Rs. 2,34,123.57 crores. The improve within the transaction quantity helped the platform to not simply proceed its lead but in addition broaden the hole for Google Pay.
In comparability with PhonePe, Google Pay noticed a marginal drop of 0.04 % in its share in June that got here to 34.63 %, down from 34.67 % in May. The NPCI statistics present that the Google platform initiated 972.26 million transactions of price Rs. 2,07,287.73 crores within the month — exhibiting a rise of 91.67 million from 880.59 million transactions price Rs. 1,87,136.95 crores recorded in May.
Paytm Payments Bank got here third with 326.53 million customer-initiated transactions price Rs. 40,614.09 crores. It noticed a 0.18 % improve in its market share of 11.63 % from 11.45 % reported within the month earlier.
After Paytm Payments Bank, Amazon Pay stood fourth with 51.34 million transactions price Rs. 4,814.74 crores. Yes Bank apps and the federal government’s BHIM UPI app got here on the fifth and sixth positions, respectively. Yes Bank captured 24.72 % share with a transaction quantity of Rs. 5,227.04 crores, whereas BHIM’s market share got here at 22.84 % with transactions price Rs. 7,319.77 crores.
Top 5 UPI apps in June (as per the NPCI knowledge)
| Platform | Transactions in May (in million) | Transactions in June (in million) | Change in transaction quantity (in million) | Market share (by way of transaction quantity) |
|---|---|---|---|---|
| PhonePe | 1149.84 | 1292.71 | 142.87 | 46.04% |
| Google Pay | 880.59 | 972.26 | 91.67 | 34.63% |
| Paytm Payments Bank | 290.69 | 326.53 | 35.84 | 11.63% |
| Amazon Pay | 58.35 | 51.34 | -7.01 | 1.83% |
| Yes Bank apps | 21.08 | 24.72 | 3.64 | 0.88% |
Interestingly, the information offered by NPCI exhibits that WhatsApp Pay, the funds service launched final 12 months by the Facebook-owned firm, noticed a decline in each its transaction quantity and worth. The app, nonetheless, maintained its 0.02 % of market share.
UPI transactions total within the nation grew 10.55 percent to 2,807.51 million in June that have been price Rs. 5,47,373.17 crores.
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