PhonePe continued to maintain its lead in the monthly count of United Payments Interface (UPI) transactions with a whopping 1.4 billion transactions, contributing to 46 per cent market share in total UPI transactions in July. The official data released by the National Payments Corporation of India (NPCI) displayed the total value of transactions done via PhonePe in July is Rs 288,572 crore.
However, leaving no stones unturned, Google Pay continues to share the top spot along with PhonePe. Google Pay accounted for the second-highest number of transactions with 1,119.16 million exchanges leading to Rs 230,874 crore, simultaneously crossing the 1 billion scale. Paytm’s Payments Bank App witnessed significant growth with 454.06 million transactions worth 51,694 Crore as per INR. Google Pay’s volume market share ended at 34.45 per cent while Paytm Payments Bank App enjoyed a 14 per cent market share.
PhonePe, on the other hand, experienced a month-on-month (MoM) rise of over 15 per cent volumes, same was shared by Google Pay with 15 per cent and an 18.50 per cent spike was accounted for by Paytm Payments Bank App.
According to the latest NPCI’s guidelines on volume cap for Third-Party Application Provider (TPAP), UPI apps like PhonePe and Google Pay will have to abide by a cap of 30 per cent in volume market share, w.e.f., January 1, 2021. However, by December 31, 2020, the existing TPAPs that reach beyond the volume cap will have at least 2 years (effective from the date) to deal with the provisions.
In July, the UPI setup creates a massive sphere of 3,247.82 million transactions with added value breaching at the Rs. 6 lakh crore mark for the very first time.