UPI transactions in July: PhonePe dominates again, Google Pay crosses 1 billion transactions

This is a month-on-month (MoM) rise of over 15 percent in volumes for PhonePe, 15 percent for Google Pay and a 18.50 percent rise for Paytm Payments Bank App.

PhonePe continued to maintain its lead in the monthly United Payments Interface (UPI) transactions, reporting 1.4 billion transactions, accounting for a 46 percent market share in total UPI transactions in the month of July. Data by the National Payments Corporation of India (NPCI) shows that the total value of transactions done via PhonePe in July stood at Rs 288,572 crore.

With no changes in the top deck, Google Pay reported the second highest number of transactions at 1,119.16 million amounting to Rs 230,874 crore, thus crossing the 1 billion mark. Paytm’s Payments Bank App saw 454.06 million transactions worth Rs 51,694 crore. Google Pay's volume market share stood at 34.45 percent, and Paytm Payments Bank App at 14 percent.

This is a month-on-month (MoM) rise of over 15 percent in volumes for PhonePe, 15 percent for Google Pay and a 18.50 percent rise for Paytm Payments Bank App.

As per NPCI’s guidelines on volume cap for Third Party Application Provider (TPAP), payment apps like PhonePe, Google Pay will have to adhere to a cap of 30 percent in volume market share, effective January 1, 2021. Existing TPAPs who exceed the volume cap as on 31st December 2020, will have a period of 2 years from the effective date to comply with the provisions.

In July, UPI transactions again set new records with over all UPI transactions at 3,247.82 million and value of transactions breaching the Rs. 6 lakh crore mark for the first time.

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