PhonePe crossed the 11 billion monthly transaction mark on the Unified Payments Interface (UPI) in August, while Google Pay moved closer to 8 billion transactions, according to data released by the National Payments Corporation of India (NPCI). PhonePe recorded 11.19 billion UPI transactions during the month, compared with 10.86 billion in July.
The Walmart-backed digital payments platform accounted for 45.64% of the total UPI transaction volume in August. In terms of transaction value, PhonePe processed payments worth Rs 14.26 lakh crore, giving it a 47.82% share of the overall UPI transaction value.
Google Pay retained the second position among UPI apps in August. The platform recorded 7.91 billion transactions during the month, up from 7.65 billion transactions in July. Google Pay accounted for 32.26% of the total UPI transaction volume and held a 33.78% share by transaction value. Its transaction value stood at Rs 10.07 lakh crore during August.
Paytm continued to hold the third position among UPI players. The fintech platform recorded 1.97 billion transactions in August, compared with 1.90 billion in July. Paytm accounted for 8.03% of UPI transaction volume and 6.87% of transaction value. Its transaction value stood at Rs 2.05 lakh crore during the month.
Navi retained the fourth position, recording 1.08 billion transactions in August against 947.08 million in July. Its share of UPI transaction volume increased to 4.40%, while its share of transaction value stood at 1.76%. The platform processed transactions worth Rs 52,513 crore during the month.
Among other UPI apps, Flipkart-backed super.money recorded 421.87 million transactions in August, compared with 437.27 million in July. BHIM recorded 253.69 million transactions, increasing from 242.27 million in the previous month.
FamApp by Trio recorded 223.31 million transactions in August, while WhatsApp registered 183.69 million transactions. WhatsApp remained ahead of CRED, which recorded 143.94 million transactions during the month.
CRED remained in the 10th position in August. Although its transaction volume was lower, the platform handled transactions worth Rs 57,398 crore and accounted for 1.92% of UPI transaction value. WhatsApp’s transaction value stood at Rs 13,948 crore, representing a 0.47% share.
Axis Bank’s apps recorded 146.78 million transactions across customer-initiated, B2C and B2B payments. Their combined transaction value stood at Rs 14,024 crore.
Overall, UPI recorded 24.51 billion transactions worth Rs 29.82 lakh crore in August. This compared with 23.66 billion transactions worth Rs 29.88 lakh crore in July. PhonePe and Google Pay together accounted for 77.90% of total UPI transaction volume and 81.60% of transaction value in August.
The top three UPI players — PhonePe, Google Pay and Paytm — accounted for 85.93% of UPI transaction volume and 88.47% of transaction value during the month.
Meanwhile, a new Merchant Discount Rate (MDR) framework could provide a potential revenue stream for UPI apps such as PhonePe, Google Pay and Paytm. From October 15, select P2M transactions above Rs 2,000 will attract a 0.4% MDR, capped at Rs 300 for transactions of Rs 75,000 and above.
The fee will be shared among participants across the UPI ecosystem, including banks, payment service providers (PSPs) and payment apps.
The August data shows the transaction volumes and values recorded by leading UPI platforms during the month. PhonePe remained the largest player by transaction volume and value share, followed by Google Pay and Paytm, while the overall UPI network processed 24.51 billion transactions worth Rs 29.82 lakh crore.
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