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Google Pay, PhonePe accounted for 86% of UPI transactions in Oct: NPCI

UPI transactions worth Rs 1,65,654.71 crore were made through Google Pay in October.

December 08, 2020 / 01:42 PM IST
Representative image

Representative image

Google Pay and PhonePe together accounted for more than 80 percent of Unified Payments Interface (UPI) market. The two apps make up about 81 percent of the market, and accounted for 86 percent of the UPI transactions value in October, Mint reported, citing NPCI data.

UPI transactions worth Rs 1,65,654.71 crore were done through Google Pay in October, the report said. Rs 1,68,085.06 crore worth of transactions were carried through PhonePe.

Also read: Indian Banking Tech Companies Look For Fresh Opportunities Outside India

Amazon Pay recorded 46.59 million transactions (worth Rs 3,854.49 in value) in October. Paytm, with a 11 percent market share, had 244.94 million UPI transactions (worth Rs 27,489.33 crore), the report added.

WhatsApp Pay recorded only 70,000 transactions in October, worth Rs 9.32 crore. But this was before the NPCI gave the Facebook-owned social media platform to roll out payments service in India.

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Before the NPCI's go-ahead, WhatsApp Pay was available to only 2 million users in the beta stage.

The NPCI in November imposed a 30 percent cap on the total volume of UPI transactions by a third-party app. Existing third-party apps will be given two years, starting from January 1, 2021, to comply with the norms.
Moneycontrol News
first published: Dec 8, 2020 11:57 am

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