UPI: PhonePe Continues Its Dominance In June 2023; CRED Snatches Fourth Spot From Amazon

The trio of PhonePe, Google Pay and Paytm maintained their respective positions on the podium in terms of United Payments Interface (UPI) transactions in June 2023.

Walmart-owned fintech giant PhonePe continued its domination at the top, processing 446.14 Cr UPI transactions worth INR 7.46 Lakh Cr in June 2023. The fintech decacorn, which has raised $850 Mn so far in 2023, accounted for 47.79% of UPI transactions by volume and 50.53% of UPI transactions by value.

Google Pay stood at the second spot, processing 35% of the total UPI transactions while accounting for 33.49% of the total UPI value in June. In absolute numbers, Google Pay processed 326.68 Cr transactions worth INR 4.94 Lakh Cr during the month.

Paytm completed the podium as the third largest UPI app, processing 130.75 Cr transactions worth INR 1.62 Lakh Cr during the month. The Noida-based listed fintech giant accounted for 14.01% and 11.01% in terms of transaction count and value, respectively.

Meanwhile, Kunal Shah-led fintech unicorn CRED secured the fourth spot for the second month in a row in terms of UPI transaction count as well as value. The app processed 7.39 Cr transactions worth INR 26,431.80 Cr in June 2023, overtaking Amazon Pay.

The National Payments Corporation of India’s UPI payments app Bharat Interface for Money (BHIM) processed 2.31 Cr transactions worth INR 7,289 Cr, beating the likes of TataNeu and WhatsApp Pay.

Zomato, which launched its UPI product in May, recorded around 10,000 transactions worth INR 1.7 Cr in June 2023. 

However, the foodtech giant has suspended onboarding customers to Zomato Pay. Zomato will resume onboarding users to Zomato Pay by the end of July, a spokesperson said on Thursday (July 13).

In June 2023, UPI logged more than 933 Cr transactions worth INR 14.75 Lakh Cr, registering a 0.9% MoM fall on both parameters. This translates to 311 Mn UPI transactions per day as against the NPCI’s target of achieving 1 Bn daily UPI transactions by 2025.

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