PhonePe has continued to dominate the Unified Funds Interface (UPI) app ecosystem in India and expanded its market share to 46.04 p.c in June, in line with the info launched by the Nationwide Funds Company of India (NPCI). The Walmart-owned platform noticed a 0.77 p.c enhance in its share over the 45.28 p.c reported in Could by way of transactional quantity of all 50 apps (ensuing 2,807.51 million transactions). The expansion of PhonePe has pressured Google Pay to proceed to take a seat on the second place, which it first obtained in December after shedding its management to PhonePe.
The info posted by the NPCI exhibits that PhonePe carried 1,292.71 million transactions price Rs. 2,62,565.88 crores in June that have been 142.87 million extra from the 1,149.84 million it made in Could, which have been price Rs. 2,34,123.57 crores. The rise within the transaction quantity helped the platform to not simply proceed its lead but in addition broaden the hole for Google Pay.
Compared with PhonePe, Google Pay noticed a marginal drop of 0.04 p.c in its share in June that got here to 34.63 p.c, down from 34.67 p.c in Could. The NPCI statistics present that the Google platform initiated 972.26 million transactions of price Rs. 2,07,287.73 crores within the month — exhibiting a rise of 91.67 million from 880.59 million transactions price Rs. 1,87,136.95 crores recorded in Could.
Paytm Funds Financial institution got here third with 326.53 million customer-initiated transactions price Rs. 40,614.09 crores. It noticed a 0.18 p.c enhance in its market share of 11.63 p.c from 11.45 p.c reported within the month earlier.
After Paytm Funds Financial institution, Amazon Pay stood fourth with 51.34 million transactions price Rs. 4,814.74 crores. Sure Financial institution apps and the federal government’s BHIM UPI app got here on the fifth and sixth positions, respectively. Sure Financial institution captured 24.72 p.c share with a transaction quantity of Rs. 5,227.04 crores, whereas BHIM’s market share got here at 22.84 p.c with transactions price Rs. 7,319.77 crores.
Prime 5 UPI apps in June (as per the NPCI information)
| Platform | Transactions in Could (in million) | Transactions in June (in million) | Change in transaction quantity (in million) | Market share (by way of transaction quantity) |
|---|---|---|---|---|
| PhonePe | 1149.84 | 1292.71 | 142.87 | 46.04% |
| Google Pay | 880.59 | 972.26 | 91.67 | 34.63% |
| Paytm Funds Financial institution | 290.69 | 326.53 | 35.84 | 11.63% |
| Amazon Pay | 58.35 | 51.34 | -7.01 | 1.83% |
| Sure Financial institution apps | 21.08 | 24.72 | 3.64 | 0.88% |
Curiously, the info offered by NPCI exhibits that WhatsApp Pay, the funds service launched final 12 months by the Fb-owned firm, noticed a decline in each its transaction quantity and worth. The app, nevertheless, maintained its 0.02 p.c of market share.
UPI transactions total within the nation grew 10.55 p.c to 2,807.51 million in June that have been price Rs. 5,47,373.17 crores.