PhonePe Continues To Top UPI Chart, Clocks 6.5 Bn Transactions In April

Walmart-owned fintech major PhonePe has retained its leadership in the unified payments interface (UPI) ecosystem with a market share of 48.87% in April across peer-to-peer and peer-to-merchant transactions. 

As per National Payments Corporation of India’s (NPCI) data, PhonePe logged 6.5 Bn transactions via UPI out of the total 13.3 Bn transactions. In terms of value, the company clocked transactions worth INR 10 Lakh Cr.

Meanwhile, Google Pay and Paytm have retained their second and third spots respectively in UPI transactions.

Google Pay processed 5 Bn transactions translating to a market share of 37.5%, while volume on Paytm hit 1.1 Bn translating to a market share of 8.3%.

In terms of value, both Google Pay and Paytm clocked 35% and 5% shares respectively.

CRED secured fourth spot with 138 Mn transactions, while Amazon Pay, Fampay, and BHIM made 64.33 Mn, 46.64 Mn and 25.48 Mn transactions, respectively. 

It is pertinent to note that the UPI transaction volume in April saw a marginal dip of 1% to 13.3 Bn from 13.4 Bn in the previous month. 

Besides, the total transaction value in the same period logged a 0.7% decline to INR 19.64 Lakh Cr from INR 19.78 Lakh Cr in March.

Last month it was reported that PhonePe infused over INR 800 Cr into its subsidiaries over the last year to fuel its expansion across diverse sectors, including insurance broking, wealth management and hyperlocal ecommerce.

Meanwhile, Paytm has been witnessing consecutive monthly declines in transactions since the Reserve Bank of India’s clampdown on certain operations of its payments bank business in late January. 

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