PhonePe, Walmart’s digital payment platform, surpassed Google Pay and became the best UPI (Unified Payment Interface) app in December. The platform processed 902.03 million transactions valued at Rs. A total of 1,82,126.88 crores according to the latest data from the National Payments Corporation of India (NPCI). Google Pay, on the other hand, has fallen to second place with 854.49 million transactions valued at Rs. 1,76,199.33 crores. Both PhonePe and Google Pay account for more than 78 percent of the total of 2,234.16 million UPI transactions that took place in December. The two apps also captured over 86 percent of the total UPI transaction volume of Rs. 4,16,176.21 crores.
The Data provided The NPCI reveals that PhonePe saw its UPI transaction volume increase 3.87 percent and transaction value increase 3.8 percent in December compared to 868.4 million transaction volume and Rs. 1.75,453.85 crores transaction value recorded in November.
In contrast, in December, Google Pay saw a sharp drop in transaction volume by over 11 percent and transaction value by over 9.15 percent. It dominated the UPI apps market in November with 960.02 million transactions for a total value of Rs. 1,61,418,19 crores.
Paytm Payments Bank has become third after PhonePe and Google Pay. It resulted in 256.36 million transactions valued at Rs. 31,291.83 crores in December, according to NPCI data.
Amazon Pay and the BHIM app from NPCI have emerged as the fourth and fifth largest 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 valued at Rs. 7,748.29 crores in December.
In terms of value, Cred has overtaken Amazon Pay by processing 3.61 million transactions worth Rs. 3,793.32 in December, NPCI data shows.
According to NPCI, WhatsApp processed 810,000 transactions worth Rs. 29.72 crores in December, out of 310,000 transactions valued at Rs. 13.87 crores in November.
Overall, UPI have transactions grew by 1.08 percent in volume and 6.43 percent in December. There are also 207 banks with UPI support, up from 200 banks in November.
In November, the NPCI announced a 30 percent cap on the total volume of UPI transactions processed by third-party app providers (TPAs). This cap has been in effect since the beginning of January and is expected to have a significant impact on platforms like PhonePe and Google Pay, while Paytm and MobiKwik offer further scope.
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