Google Pay swept past other UPI platforms in India, clocking over 240 million transactions, 10 million more than its nearest competitor PhonePe
Google Pay has swept past other unified payments interfaces (UPI) in India, clocking over 240 million transactions worth Rs 55,000 crore in May 2019, as per a report in the Economic Times.
The tech giant digital wallet and payments platform topped Flipkart-owned PhonePe’s 230 million, which was worth Rs 44,000 crore, Paytm’s 200 million transactions worth Rs 38,000 crore, and Bharat Interface for Money’s (BHIM) 15.7 million transactions, the paper noted.
The report noted that these four platforms account for more than 93 percent of the total UPI market. However, the government promoted BHIM has consistently lost market share, contributing to merely two percent of the pie, down from seven percent in 2018 and 42 percent in 2017, it added.
As per National Payments Corporation of India (NPCI) data, UPI payment transactions in May declined to 733.54 million across platforms, lower than the April numbers of 781.79 million transactions.
This was a sustained decline after an all-time high of 799.54 million transactions clocked in March. The number of banks on UPI in May also fell to 143 compared to April's 144.On a positive note, the amount transacted grew incrementally from 133,460.72 crore in March to Rs 142,034.39 crore in April and Rs 152,499.29 crore in May.