PhonePe, the digital funds platform owned by Walmart, has surpassed Google Pay and emerged as the highest unified funds interface (UPI) app in December. The platform processed 902.03 million transactions accounting for Rs. 1,82,126.88 crores in whole, in accordance with the newest knowledge launched by the National Payments Corporation of India (NPCI). Google Pay, however, has dropped to the second place with 854.49 million transactions amounting Rs. 1,76,199.33 crores. Both PhonePe and Google Pay account for greater than 78 p.c of the overall 2,234.16 million UPI transactions that passed off in December. The two apps additionally captured over 86 p.c of the general UPI transaction quantity of Rs. 4,16,176.21 crores.
The data provided by the NPCI exhibits that PhonePe has seen over 3.87 p.c improve in UPI transaction quantity and three.eight p.c spike in transaction worth in December when in comparison with the 868.Four million of transaction quantity and Rs. 1,75,453.85 crores of transaction worth recorded in November.
In distinction, Google Pay has seen a drastic fall of over 11 p.c in transaction quantity and over 9.15 p.c drop in transaction worth in December. It dominated the UPI apps market in November, with 960.02 million transactions at an total worth of Rs. 1,61,418.19 crores.
Paytm Payments Bank has come third — after PhonePe and Google Pay. It resulted in 256.36 million transactions value Rs. 31,291.83 crores in December, as per the NPCI knowledge.
Amazon Pay and NPCI’s BHIM app have emerged because the fourth and fifth main UPI apps by way of transaction quantity. While Amazon Pay initiated 40.53 million transactions value Rs. 3,508.93 crores, BHIM processed 24.80 million transactions value Rs. 7,748.29 crores in December.
In phrases of worth, Cred has overtaken Amazon Pay with processing 3.61 million transactions value Rs. 3,793.32 in December, the NPCI knowledge exhibits.
WhatsApp additionally formally joined the funds market in November. Although the Facebook-owned app was allowed to play in opposition to the likes of PhonePe, Google Pay, and Paytm in a graded method initially, it has managed to see over 161 p.c improve in quantity and over 114 p.c improve in worth of transactions in December — simply previous to the general public outrage over its privateness coverage replace that it will definitely delayed till May.
According to NPCI, WhatsApp processed 810,000 transactions value Rs. 29.72 crores in December, up from 310,000 transactions value Rs. 13.87 crores in November.
Overall, UPI transactions have grown 1.08 percent in quantity and 6.43 p.c in worth in December. There are additionally 207 banks with UPI assist, up from 200 banks in November.
In November, the NPCI introduced a cap of 30 percent on the overall quantity of UPI transactions processed by third get together app (TPA) suppliers. That cap has come into place because the starting of January and is believed to majorly impact platforms together with PhonePe and Google Pay, whereas giving a scope to extend additional to Paytm and MobiKwik.
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