PhonePe witnessed over 3.87% increase in UPI transaction volume and 3.8% growth in transaction value in December compared to November
Google Pay saw 11% fall in transaction volume in December
PhonePe, one of the leading digital payments platforms in the country, emerged as the top unified payments interface (UPI) application in December, With 902.03 million transactions accounting for ₹1.82 trillion last month, the Walmart-backed payment app surpassed Google Pay, according to to the latest data released by the National Payments Corporation of India (NPCI).
PhonePe witnessed over 3.87% increase in UPI transaction volume and 3.8% growth in transaction value in December compared to November. The popular payment app recorded 868.4 million transaction worth ₹1.75 trillion in November.
Google Pay, on the other hand, saw 11% fall in transaction volume in December, against November. It has dropped to the second position with 854.49 million transactions amounting ₹1.76 trillion. In November, Google Pay had reported 960.02 million transactions worth ₹1.61 trillion, followed by PhonePe, with 868.4 million transactions accounting for ₹1.75 trillion.
Both PhonePe and Google Pay account for more than 78% of the total 2,234.16 million UPI transactions that took place in December. The two apps also captured over 86 percent of the overall UPI transaction volume of Rs. 4,16,176.21 crores.
Phone Pe and Google Pay — the two top digital payments applications — account for more than 78% of the UPI market in terms of volume of transaction in December, the data showed. Both captured over 86% of the overall UPI transaction volume of ₹4.16 trillion.
Paytm Payments Bank emerged as the third after PhonePe and Google Pay. It recorded 256.36 million transactions worth ₹312.9183 billion in December, as per the NPCI data. Amazon Pay and NPCI's BHIM app came at fourth and fifth leading UPI apps in terms of transaction volume. Amazon Pay initiated 40.53 million transactions worth ₹35.08 billion, while BHIM recorded 24.80 million transactions worth ₹77.48 billion in December, according to NCPI data.
WhatsApp Pay, the new entrant in the market resulted 810,000 transactions worth ₹297.2 million in December. In November, it had processed 310,000 transactions accounting for ₹138.7 million.
UPI again crossed the 2-billion mark for the third straight month in December. It handled 2.23 billion transactions worth ₹4.16 trillion in December — a record both in terms of volume and value.
The NPCI had recently imposed 30% cap on third-party apps on total volume transactions processed via UPI, effective January 1, 2021. The existing third-party app providers processing over 30% transactions will get a period of two years from January 2021, to comply with the norms.