Tata Neu, WhatsApp Pay Top Gainers In UPI Payments In September 2022

The UPI transactions crossed the INR 11 Lakh Cr mark in September 2022, with the usual suspects – PhonePe, Google Pay and Paytm – continuing their dominance. The three apps together accounted for 96.52% of UPI transactions, while Tata Neu and WhatsApp emerged as the biggest gainers during the month.

PhonePe commanded a 49.22% share in the Unified Payment Interface (UPI) transactions, while Google Pay had a 34.75% share. Paytm’s UPI market share was at 10% in terms of customer transaction values.

In terms of number of transactions, PhonePe (47.44%), Google Pay (33.9%) and Paytm (15.3%) together processed 655.01 Cr.

The top two UPI apps (PhonePe and Google Pay) are growing at an average of 2-3% month-on-month (MoM), as opposed to the smaller players which are leaving no stone unturned to grab a bigger market share. 

Top Gainers & Losers In The UPI Market Cap Game

While Tata Neu and WhatsApp Pay emerged as the top gainers in September, Amazon Pay was the biggest loser.

Tata Neu recorded just around 10K transactions in July and August worth nearly INR 15 Cr-INR 17 Cr. However, amidst the festive season, the super app recorded 1.3 Lakh UPI transactions worth INR 17.23 Cr in September.

While the value of transactions grew merely 9% MoM, the transaction count grew nearly 1,200%, reaching June 2022 levels. It also shows that Tata Neu has been recording low-value transactions, with an average size of INR 1,325.

WhatsApp Pay, on the other hand, recorded 74.3 Lakh transactions worth INR 631.63 Cr, a growth of 11% MoM in terms of the transaction value as well as count. The average ticket size on WhatsApp Pay was INR 850, even lower compared to Tata Neu.

Paytm, too, grew at nearly 5% MoM, recording 103.72 Cr transactions worth INR 1.2 Lakh Cr.

Despite the festive season sale on its parent’s ecommerce marketplace, Amazon Pay saw a 8.09% decline in the number of transactions. It recorded 5.74 Cr transactions worth INR 6,015.31 Cr (a 5% MoM decline) in September.

Meanwhile, CRED recently launched (albeit, a little late) its Scan and Pay UPI feature for less than 1% of its users. The UPI numbers for the month of October would give an indication of how the new feature is performing. 

Where Are Users Spending Their Money?

The NPCI classifies UPI merchant categories in terms of approved UPI transaction volumes into three broad segments – high, medium and other transacting categories. 

In September 2022, the high transacting categories included buying groceries, dining out, shopping at drug stores and pharmacies, mobile recharges and digital games. 

The medium transacting categories included the likes of dairy shops, debt collection, bakeries, paying gas, water and electricity bills and more. Courier services, toll payments, and everything else was a part of the other transacting categories.