Digital payments platform PhonePe continued its dominance in the Unified Payments Interface (UPI) ecosystem in June, cornering around 48.34 per cent market share.
Nearly one out of two transactions on the National Payments Corporation of India (NPCI)-run UPI are processed on fintech major PhonePe’s platform.
The Bengaluru-based fintech unicorn processed 6.71 billion UPI transactions in June, amounting to a cumulative value of Rs 10.09 trillion, according to NPCI data.
The company was the largest on the UPI In May, securing about 49.2 per cent share. The Bengaluru-based digital payments and financial services company has maintained its streak of growth on UPI with its share increasing from 47.35 per cent in February this year.
Google Pay continued to be the second largest player on the UPI ecosystem in June, with the company holding 36.74 per cent share.
Paytm, the third largest player in the digital payments ecosystem, has continued to see decline in UPI transaction volumes with its market share down to 7.93 per cent in June from 12.79 per cent in January.
The rest of the smaller players hold less than one per cent each on the UPI ecosystem.
A concentration of volumes with the top two players, PhonePe and Google Pay, has previously raised duopoly concerns and challenges around concentration risk of these platforms.
As of June, the two firms hold 85 per cent share of the total UPI transactions.
Last month, the NPCI recorded 13.88 billion transactions on its platform.
FAQs
Digital payments platform PhonePe continued its dominance in the Unified Payments Interface (UPI) ecosystem in June, cornering around 48.34 per cent market share. Nearly one out of two transactions on the National Payments Corporation of India (NPCI)-run UPI are processed on fintech major PhonePe's platform.
What is the market share of PhonePe? ›
With this, PhonePe controls 48.6% market share by volume and Google Pay has 37% whereas Paytm has 8%.
What is the market share of PhonePe in 2024? ›
Digital payments platform PhonePe has continued to be the number one player in the unified payments interface (UPI) ecosystem with a market share of close to 49% in April 2024 across P2M (person to merchant) and P2P (person to person) transactions.
What is the value of UPI transaction in India? ›
UPI growth
Value (in Cr.) NPCI data also showed that the average daily transaction value through UPI in July 2024 was ₹466 million, or about ₹66,590 crore. Compared with June, the volume of UPI transactions grew by 3.95% in July, while the value of transactions increased by 2.84%.
How many UPI transactions are there in India? ›
Number of UPI transactions in India FY 2019-2028
In financial year 2023, there were over 84 billion UPI transactions worth about 139 trillion Indian rupees across India. The number of transactions was estimated to rise up to over 456 billions in financial year 2028 in the country.
What is the market share of Paytm in UPI? ›
Paytm accounted for 8.1 per cent of total UPI transactions in May, down from 13 per cent in January, according to data released by the National Payments Corporation of India.
Which UPI app has the highest success rate? ›
Top Best UPI Apps in India 2024
- BHIM App. ...
- Paytm. ...
- CRED. ...
- Freecharge. ...
- iMobile App. ...
- Mobikwik. ...
- PayZapp. PayZapp is yet another popular UPI app offered by HDFC Bank. ...
- Pockets By ICICI Bank. Pockets is an innovative UPI money transfer app by ICICI Bank.
RTP is important in India due to its implementation in the country's Unified Payments Interface or UPI. An expanded ranking on the number of instant payments per country places India at the top with a figure that was higher than 43 other countries combined.
Which UPI is popular in India? ›
1. Phonepe. PhonePe is a popular UPI app that allows users to make payments, recharge phones, pay utility bills, and more. It also provides various offers, rewards, and cashback to its customers.
What is the market size of UPI industry in India? ›
India recorded about 131 billion Unified Payments Interface (UPI) transactions with a total value of ₹200 trillion in FY24, finance minister Nirmala Sitharaman said on Monday.
The NPCI has enabled UPI transactions from mobile numbers including USA, UK, Singapore, UAE and Australia. Non-resident account types like NRE/NRO that have international mobile numbers will now be allowed to transact with UPI, according to a notice by the National Payments Corporation of India (NPCI).
Which countries adopted Indian UPI? ›
Indians can now use the Unified Payments Interface (UPI) to make payments in seven countries. Following its launch in Sri Lanka and Mauritius, UPI payments are accepted in France, UAE, Singapore, Bhutan, and Nepal.
Who is the owner of UPI? ›
Unified Payment Interface (UPI) was developed by the National Payments Corporation of India (NPCI) which was established by the Reserve Bank of India (RBI) and Indian Banks Association (IBA). It enables real time, person to merchant transactions, inter-bank peer to peer transactions.
What is the market share of T mobile? ›
TMUS's vs. Market share relative to its competitors, as of Q2 2024
| COMPANY NAME | MARKET SHARE 12 Months Ending Q2 2024 | MARKET SHARE Q1 2024 |
|---|
| T mobile Us Inc | 23.57% | 23.72 % |
| At and t Inc | 36.42% | 36.35% |
| Verizon Communications Inc | 40.01% | 39.93% |
| SUBTOTAL | 100% | 100% |
Jul 26, 2024
Top smartphone manufacturers by market share
The latest statistics on the smartphone market share worldwide show that as of April 2024, US phone maker Apple leads the pack, with a market share of 27.95%.
Is PhonePe listed in the stock market? ›
Is PhonePe publicly traded? PhonePe remains a privately held company and cannot be accessed on major public exchanges such as NASDAQ or NYSE.
How big is PhonePe? ›
PhonePe
| Type of business | Private |
|---|
| Revenue | ₹2,914 crore (US$350 million) (2023) |
| Parent | Walmart |
| URL | phonepe.com |
| Commercial | Yes |
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