Walmart-owned PhonePe clocked in 7.23 billion UPI transactions worth Rs 10.33 lakh crore during August, which translated to a leading market share of 48.4% by volume and 50.1% by value, according to the latest data from the National Payments Corporation of India (NPCI).
In July, PhonePe’s market share by volume stood at 48.3% and that by transaction value was at 49.8%.
Google Pay continues to remain at the second spot with a market share of 37.3% by volume and 36% by value, while Paytm’s market share by volume slipped to 7.2% in August from 7.8% a month ago. In terms of value, Paytm’s market share came down to 5.5% from 5.9% in July.
In total, Unified Payments Interface (UPI) transactions in August rose 3.6% month-on-month to 14.96 billion and amounted to Rs 20.61 lakh crore. Among the total number of transactions, P2P or peer-to-peer UPI transactions constituted 37.6% in volume, while the share of P2M or peer-to-merchant transactions was 62.4%.
Besides the top three players, transaction volumes also inched higher for Navi, Cred, and FamPay.
Sachin Bansal’s Navi surpassed Amazon Pay in terms of transaction volume, while Y-Combinator-backed FamPay surpassed ICICI Bank.
As per the latest data, Navi registered 88.71 million UPI transactions, while Amazon Pay recorded 70.72 million. However, in terms of transaction value, Amazon Pay recorded Rs 7,744 crore, higher than Rs 4.651 crore on Navi.
FamPay’s UPI transaction volume was 57 million, higher than the 51 million recorded on the ICICI Bank app. Kunal Shah’s Cred, which holds the fourth-highest market share by transaction volume, has recorded 147 million transactions, about 3% higher than July.