Digital payments platform PhonePe continues to lead the UPI ecosystem over its peers, including Google Pay and Paytm in terms of transaction volume and value in August.
PhonePe recorded 1,622.95 million or 1.6 billion transactions worth Rs 3,01,644.80 crore in August, data released by the National Payments Corporation of India shows. During the period, Google Pay recorded 1234.75 million or 1.2 billion worth Rs 2.44,453.05 crore.
UPI had recorded 3,550 million transactions worth Rs 6,39,116 crore in which peer-to-peer (P2P) and peer-to-merchant (P2M) transactions were recorded at 1,945.80 million and 1609.74 million respectively.
In terms of market share by volume, PhonePe recorded a 45.64% share in UPI in August, while Google Pay recorded 34.72%. In the previous month, PhonePe and Google Pay had a market share of 45.94% and 34.45% in the UPI ecosystem, respectively.
While their market share remained constant compared to the previous month, the duo had broken all previous records in terms of number of processing and number of transactions through UPI. With a significant increase in transaction numbers, Google Pay did not allow PhonePe to widen the gap in August.
Paytm, which has already distanced itself from UPI-focused payments, has logged 423.63 million transactions worth Rs 50,021.40 crore, controlling the 11.91% stake in the upi ecosystem.
New entrants to UPI such as WhatsApp continue to show disappointing numbers as the Facebook-owned messenger recorded 0.5 million transactions worth Rs 44.70 crore. WhatsApp was expected to subjugate in recent months as it was allowed to onboard more users.
It is worth noting that PhonePe was also the most downloaded fintech app in India in August. According to data from Sensor Tower, PhonePe had amassed 9.5 million downloads on the Play Store and App Store during the month, followed by 7 million from Google Pay and 6.1 million from Paytm.