Walmart-backed PhonePe emerged as the leader of unified payments interface (UPI) space securing 902.03 million transactions accounting for Rs 1.82 trillion in December.
Current market leader, PhonePe took over Google Pay who secured 865.49 million transactions worth Rs 1.76 trillion. According to National Payments Corporation of India (NPCI), in October, Google Pay was leading the market with 857.81 million transactions and PhonePe was preceding the former with 839.88 million transactions.
Both of them together make up 86 per cent of the market transactions in December. However, Google Pay showed an 11% fall resulting it downfall of its UPI status to second position after Phonepe.
PhonePe and Google Pay together processed nearly 82% of the overall volumes on the NPCI, a real-time retail payment platform. Paytm, Amazon Pay, Whatsapp Pay were the next most used online payment modes securing 260 million, 37 million and 0.31 million transactions respectively, as declared by NPCI.
Bank-owned apps such as those run by Yes Bank, ICICI Bank, Axis Bank and State Bank of India were also among the 10 most-used UPI apps, along with Airtel’s Payment Bank app and NPCI’s BHIM application.