Phone Pe, Google Pay accounts for lion's share in UPI transactions
Google Pay and PhonePe together have a lion's share of more than 80 percent of Unified Payments Interface (UPI) market. The two apps makeup about 81 percent of the market, and accounted for 86 percent of the UPI transactions value in October as per the report, citing NPCI data.
UPI transactions worth Rs 1,65,654.71 crore were done through Google Pay in October, the report said. Rs 1,68,085.06 crore worth of transactions were carried through PhonePeAmazon Pay recorded 46.59 million transactions (worth Rs 3,854.49 in value) in October. Paytm, with a 11 percent market share, had 244.94 million UPI transactions (worth Rs 27,489.33 crore), the report added.
The NPCI in November imposed a 30 percent cap on the total volume of UPI transactions by a third-party app. Existing third-party apps will be given two years, starting from January 1, 2021, to comply with the norms.
Launched in 2016, UPI crossed 1 billion transactions for the first time in October 2019. While it took UPI three years to reach 1 billion transactions in a month, the next 1 billion came in under a year.
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