Since December of last year, PhonePe has dominated the Unified Payments Interface, or UPI, ecosystem. In March, the company exceeded Google Pay with a market share of 43.91 percent, a large 9 percent difference.
According to NPCI numbers, PhonePe processed 1,199.51 million UPI transactions worth Rs 2,31,412.33 crore in March, followed by Google Play with 957.01 million transactions worth Rs 2,01,185.14 crore. In the previous month, Google Pay had a market share of 35%.
In March, UPI processed 2731.68 million transactions totaling Rs 5,04,886 crore, or Rs 5.04 trillion.
This is also the first time since UPI's introduction in 2016 that a single UPI-enabled payments app has reached the 1 billion volume mark. PhonePe handled 975.53 million transactions worth Rs 1,89,517.82 crore in February, while Google Pay handled 827.86 million transactions worth Rs 1,74,455.33 crore.
In the last month, Paytm, the third-largest UPI player, processed 344.99 million transactions worth Rs 38,653.06 crore.
Though Google Pay primarily competes with PhonePe and Paytm in the UPI space, the two Indian startups have also developed a network of other payment options, including wallets, card payments, and net banking. In March, PhonePe claimed to have processed 1.3 billion transactions through its various payment methods, while Paytm claimed to have processed 1.4 billion.
Last month, the National Payments Corporation of India (NPCI) issued standard operating procedures (SOPs) for all third-party applications, stating that the umbrella agency will notify payment platforms if their app crosses the 30% threshold. The NPCI limit will take effect on January 1, 2021, but current players such as Google Pay and PhonePe will be given a six-month or longer grace period to comply with the new regulations.
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