PhonePe has retained its leadership in the unified payments interface (UPI) ecosystem with a market share of nearly 49% in April across peer-to-peer and peer-to-merchant transactions. The company has maintained leadership in overall UPI transactions for more than 40 months now.
According to data issued by the National Payments Corporation of India (NPCI), PhonePe clocked 6.5 billion transactions through UPI out of the total 13.3 billion transactions. In terms of value, the company clocked transactions worth Rs 10 trillion.
Google Pay and Paytm, have retained their second and third spot respectively in UPI transactions.
Volumes on the Google Pay and Paytm app hit 5 billion and 1.1 billion respectively during the month. Transaction value for Google Pay and Paytm were Rs 6.9 trillion and Rs 1.2 trillion respectively.
As of April, Google Pay and Paytm controlled 37.5% and 8.3% market share respectively by volume in the UPI ecosystem. In terms of value, PhonePe had a 51% market share followed by Google Pay and Paytm with a 35% and 5% market share respectively.
For Paytm, this is the third consecutive decline in terms of monthly transactions in 2024. The Paytm app clocked 1.2 billion transactions in March and 1.4 billion transactions in February.
In January, the Reserve Bank of India (RBI) had imposed restrictions on a majority of Paytm Payments Bank’s operations citing persistent non-compliances. This is a key reason behind the fall in transactions for the fintechs major.
Subsequently, the company received permission from NPCI to participate in UPI as a third party payment application.
CRED was the fourth largest UPI application in April with transaction volume of 138.5 million.