PhonePe Surpasses Google Pay to Become Leading UPI App in December, NPCI Data Reveals

Must read

How to disable and delete Samsung Pay from your Galaxy phone

When it comes to paying conveniently, Samsung Pay makes using your phone as a bank card an easy process; however, there may come...

iPad mini Pro Tipped to Launch in H2 2021, New Apple Pencil With Changeable Nib Spotted

iPad mini Pro could be the next iPad model from Apple, suggests a new report. The report suggests that the company may launch...

How to Hack the Hidden Google Chrome Dinosaur Game

Most of us have seen the dreaded “No Internet” error message on Google Chrome. You can actually turn this screen into a fun,...

Apple HomePod mini Facing Global Availability Issues, Long Shipping Times

Apple HomePod mini is facing global availability issues making it hard to actually get the smart speaker in many countries. Although it's available...
Bhawani Singhhttps://techmepro.com
I am a blogger who believes in delivering latest tech news from around the world to my viewers.

PhonePe, the digital payments platform owned by Walmart, has surpassed Google Pay and emerged as the top unified payments interface (UPI) app in December. The platform processed 902.03 million transactions accounting for Rs. 1,82,126.88 crores in total, according to the latest data released by the National Payments Corporation of India (NPCI). Google Pay, on the other hand, has dropped to the second position with 854.49 million transactions amounting Rs. 1,76,199.33 crores. Both PhonePe and Google Pay account for more than 78 percent 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.

The data provided by the NPCI shows that PhonePe has seen over 3.87 percent increase in UPI transaction volume and 3.8 percent spike in transaction value in December when compared to the 868.4 million of transaction volume and Rs. 1,75,453.85 crores of transaction value recorded in November.


In contrast, Google Pay has seen a drastic fall of over 11 percent in transaction volume and over 9.15 percent drop in transaction value in December. It dominated the UPI apps market in November, with 960.02 million transactions at an overall value of Rs. 1,61,418.19 crores.

Paytm Payments Bank has come third — after PhonePe and Google Pay. It resulted in 256.36 million transactions worth Rs. 31,291.83 crores in December, as per the NPCI data.

Amazon Pay and NPCI’s BHIM app have emerged as the fourth and fifth leading UPI apps in terms of transaction volume. While Amazon Pay initiated 40.53 million transactions worth Rs. 3,508.93 crores, BHIM processed 24.80 million transactions worth Rs. 7,748.29 crores in December.


In terms of value, Cred has overtaken Amazon Pay with processing 3.61 million transactions worth Rs. 3,793.32 in December, the NPCI data shows.

WhatsApp also formally joined the payments market in November. Although the Facebook-owned app was allowed to play against the likes of PhonePe, Google Pay, and Paytm in a graded manner initially, it has managed to see over 161 percent increase in volume and over 114 percent increase in value of transactions in December — just prior to the public outrage over its privacy policy update that it eventually delayed until May.

According to NPCI, WhatsApp processed 810,000 transactions worth Rs. 29.72 crores in December, up from 310,000 transactions worth Rs. 13.87 crores in November.

Overall, UPI transactions have grown 1.08 percent in volume and 6.43 percent in value in December. There are also 207 banks with UPI support, up from 200 banks in November.

In November, the NPCI announced a cap of 30 percent on the total volume of UPI transactions processed by third party app (TPA) providers. That cap has come into place since the beginning of January and is believed to majorly impact platforms including PhonePe and Google Pay, while giving a scope to increase further to Paytm and MobiKwik.


What will be the most exciting tech launch of 2021? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.

Source link

More articles

Leave a Reply

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

- Advertisement -

Latest article

International Women’s Day: Five Women Who Are Leading the Way and Making a Difference in the World of Tech

On International Women's Day, we look at women who have broken the glass ceiling and are leading the way in the tech industry....

Exclusive: PS5 restock at Target to happen this week – here’s when it could be

Update: We uploaded more photos showing the PS5 and Xbox restock being readied at Target stores around the US, both in the front...

Whitepages | TechRadar

Whitepages is, in essence, an online people finder website but like other people search sites it can do much more than that. In...
- Advertisement -