UPI payments transactions in India, PhonePe surpassed Google pay:
‘PHONEPe‘ has skyrocketed in the country as a virtue of digital payments. PhonePe was able to increase its market share in UPI (Unified Payment Interface) payments last April. PhonePe surpassed Google Pay.
This was revealed based on data from the National Payments Corporation of India (NPCI). Google was able to gain a 45% market share by surpassing Google Pay.
The digital payment system has also contributed to the growth of the business as the work-from-home approach has grown in the wake of the Covid pandemic. Given the trend, it is expected that the UPI policy will continue to grow in the coming years.
PhonePe’s market share rose from 43.91 percent in March to 45 percent in April. Google Pay has a market share of 34.3%. According to the National Payments Corporation, UPI transactions worth Rs 4,93,663 crore were transacted in April. This is almost 14 percent less than the 5 lakh crore transactions recorded in March, the company said.
5,04,886 crore transactions were transacted in March. PhonePe topped the list of UPI payment platforms with transactions worth Rs 234023.33 crore. This is an increase of 47% over the total transaction value. The top six companies are Google Pay, Paytm, Amazon Pay, and Axis Bank.
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