PhonePe, Google Pay, Paytm Process 94% Of UPI Transactions In March 2023

Walmart-owned PhonePe, Google Pay and Paytm continued their dominance in India’s UPI payments space, together processing 94% of payments in March 2023.

According to data from the National Payments Corporation of India (NPCI), the top three apps accounted for nearly 96% of all UPI transactions by value. This translates to about 841.91 Cr transactions worth INR 13.44 Lakh Cr between the three apps.

It must be noted that UPI processed a record 868.5 Cr transactions worth INR 14.1 Lakh Cr in March. While the number of transactions rose 15.33% on a month-on-month basis in March, transaction value jumped 14.1%, as per the data released by the NPCI earlier this week.

Meanwhile, PhonePe remained the top UPI app in March, processing 407.63 Cr transactions worth INR 7.07 Lakh Cr. The payments decacorn commanded a 46.38% market share in terms of transaction count, while it was 49.45% in terms of the transaction value.

Google Pay was at the second spot, processing 305.44 Cr UPI transactions worth INR 4.83 Lakh Cr, or 34.75% of all transactions and 33.75% of the transaction value.

Paytm was once again in the third position. The Vijay Shekhar Sharma-led listed fintech giant processed 128.84 Cr transactions worth INR 1.54 Lakh Cr in March.

In terms of market share, Paytm processed 14.66% of UPI transactions and 10.79% of total transaction value last month.

Meanwhile, CRED remained in the fourth spot in terms of transaction value, accounting for UPI transactions worth INR 21,056.31 Cr, or about 1.5% of the total transaction value, recorded last month.

However, Amazon Pay pushed the Kunal Shah-led payments unicorn to the fifth position in terms of the number of UPI transactions in March 2023. While CRED processed 42.84 Cr transactions, the US-based ecommerce giant’s payment arm processed 50.56 Cr transactions in March.

While peer-to-peer (P2P) transactions accounted for 77.15% of the total value, peer-to-merchant (P2M) transactions contributed the rest. Most of the P2P transactions were more than INR 2,000, while just 3.19% of P2P transactions were sub-INR 500.

In terms of volume, P2M transactions accounted for 55.57% of the total count while P2P contributed the remaining 44.43%.

The data also shed light on category-wise transactions. While groceries, supermarkets, restaurants and digital goods were high transacting categories, wallet top-ups, utilities and bars were tagged under medium transacting categories.