PhonePe beats Google Pay as top UPI app in December with transactions worth Rs 1.82 lakh crore
PhonePe and Google Pay dominate the UPI market in India, and, in December accounted for 78 percent of transaction volumes and 86 percent of transaction value.
January 19, 2021 / 09:32 AM IST
PhonePe beat Google Pay to emerge on top among UPI apps in December with 902.03 million transactions worth Rs 1.82 lakh crore. In the second spot, Google Pay saw 854.49 million transactions worth Rs 1.76 lakh crore, data from the National Payments Corporation of India showed.
The two payments apps dominate the UPI market, and, in December, accounted for 78 percent of transaction volumes (compared to 82 percent in November) and 86 percent of transaction value (same as November), Business Standard reported.
Google Pay topped in October and November (857.81 million and 960.02 million transactions, respectively), and in December took an 11 percent dip in transaction volumes month-on-month (MoM) to slip to the second spot. PhonePe had 839.88 million and 868.4 million transactions, for the preceding two months respectively.
In third spot was Paytm with 256.36 million transactions worth Rs 31,291.83 crore in December, while new entrant WhatsApp clocked 810,000 transactions worth Rs 29.72 crore.
Third-party providers such as Amazon Pay saw 40.53 million transactions worth Rs 3,508.93 crore, and NPCI’s BHIM had 24.8 million transactions worth Rs 7,748.29 crore.
Overall, UPI clocked a record high numbers in volume and value of 2.23 billion transactions worth Rs 4.16 lakh crore in December. It also saw volumes cross 2 billion for the third consecutive month (2 billion transactions in October and 2.21 billion transactions in November).
The number of banks associated with UPI also rose to 207 in December from 200 in November and 189 in October.