Data released by the National Payments Corporation of India revealed that PhonePe continued to lead the UPI payments space in March
PhonePe and Google Pay continued to be the top apps for Unified Payment Interface (UPI) in March this year with collectively nearly 87 per cent of the market share in terms of value of transactions and 79 per cent in terms of volume.
Meanwhile, Google Pay processed 95.7 crore UPI payments amounting to ₹ 2.01-lakh crore last month. This amounted to 35.03 per cent of the market share in terms of volume last month.
NPCI has recently come out with standard operating procedure for market share cap of third party application providers. It had in November last year announced that a 30 per cent volume cap for third party applications offering UPI, effective January 1, 2021. TPAPs which are exceeding the volume cap as on December 31, 2020, will have a period of two year period to comply with the provisions.
In a new record, UPI processed payments worth ₹ 5.04 lakh crore in March this year, totalling 273.16 crore transactions in terms of volume.
Paytm Payments Bank had 14.7 per cent of the market share in terms of volume with 40.11 crore transactions valued at ₹43,221.25 crore in March. Amazon Pay processed 5.23 crore transactions worth ₹4,457.47 crore while BHIM app process 2.44 crore transactions amounting to ₹7,653.21 crore.
Whatsapp payments registered just 5.8 lakh transactions totalling ₹38.17 crore. Amongst banks, Axis Bank, Yes Bank and ICICI Bank apps saw good traction for UPI payments.