PhonePe, Google Pay’s UPI Transactions Slip In June; Paytm Logs Flat Growth

Fintech players PhonePe and Google Pay saw a marginal dip in their total value and volume made via unified payments interface (UPI) in June, while their largest peer Paytm logged a flat growth last month.

As per data released by the National Payments Corporation of India, volume wise, PhonePe had 48.3% market share in UPI in June followed by Google Pay and Paytm with 36.7% and nearly 8% market share respectively.

Meanwhile, the government has been taking a number of steps to take UPI global. In June, NPCI’s international arm NIPL partnered with the UAE-based Network International to fuel UPI payments in the Middle Eastern country. 

The payments body also tied up with Peru, Ghana, and Namibia in recent times to fuel the adoption of the homegrown payments infrastructure. 

The UPI space in India has seen multiple new entrants.

For Instance, Axis Bank Ltd saw an increase in the overall share and registered a 17% growth, Navi app saw 20% increase.

Recently even Mukesh Ambani’s backed Jio Financial services entered the space.With the launch of the ‘JioFinance’ app, JFS is looking to integrate digital banking, UPI, bill payments, and insurance advisory in one app.

This comes close to the heels of multiple new entrants getting NPCI certification to provide UPI transaction services.

Earlier this month fintech startup TechFini secured certification from the National Payments Corporation of India to provide UPI-based payment infrastructure to banks, financial institutions and fintech companies.

As per the NPCI data, UPI transactions saw a 1% month-on-month drop to 13.89 Bn in June from 14.04 Bn in the previous month.

Meanwhile, UPI transaction volume stood at INR 20.07 Lakh Cr in June, 1.9% lower from INR 20.45 Lakh Cr in May. On a year-on-year basis, the transaction count jumped 49% while transaction volume jumped 36%.