Flipkart Group’s payment app super.money has become the fifth largest UPI player in the country, beating Kunal Shah-led Cred to the sixth place in February, data from the National Payments Corporation of India (NPCI), which operates the instant payment system, shows.
March has proven to be landmark month for UPI with daily value of transactions crossing Rs 1 lakh crore for the first time. On March 1, UPI clocked Rs 1,01,628 crore worth of transactions.
Changes in the UPI pecking order
In November, Sachin Bansal’s fintech and credit platform Navi overtook Cred to emerge as the fourth-largest UPI app.
Even as the UPI platform and market leader PhonePe saw a slight month-on-month decline in transactions owing to fewer days in February, Navi and super.money continued to grow.
Navi registered around 261 million transactions in February and super.money 139 million transactions.
Credit card bill payment app Cred has been stagnating at around 130 million transactions for almost a year.
Navi, Cred and super.money, all three contribute only a minuscule part to the UPI transaction volume, and their January market share has been 1.5 percent, 0.9 percent and 0.7 percent respectively.
IPO-bound PhonePe dominates
IPO-bound PhonePe continues to dominate UPI payments with 47.5 percent of market share. The Bengaluru-based payments company’s market share in value terms is even higher at around 51 percent.
Search giant Google’s UPI app Google Pay retained around 36 percent volume market share and 35 percent value market share. Third-placed Paytm had around 6.7 percent volume share and 5.3 percent of the value.
NPCI had plans to curb the dominance of the top two apps with a market share cap rule by end-2024 but extended the deadline because of the implementation challenges.
The plan was to ensure that no single UPI app has more than 30 percent of the market share. PhonePe and Google Pay together account for 84 percent of UPI transactions.
UPI transactions
Since late last year, UPI has crossed Rs 90,000 crore in daily transaction value multiple times. On February 1, it came close to reaching the landmark figure while recording Rs 99,835 crore in value.
The daily transaction value fluctuates wildly during the month with the first few days and the last couple of days seeing high transaction value as customers' bank accounts get credited with salaries. This could also be because of the high value of multiple bills and rent payments during the period.
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