For 2 consecutive months, Walmart-backed PhonePe has processed greater than a billion transactions on the Unified Funds Interface (UPI) platform of the Nationwide Funds Company of India (NPCI).
It maintained its prime place within the pecking order of UPI apps, adopted by Google Pay. In April, PhonePe processed 1.18 billion transactions on its platform amounting to Rs 2.34 trillion, thereby capturing greater than 45 per cent market share by way of quantity of transactions on UPI.
In March, it had processed 1.19 billion transactions amounting to Rs 2.31 trillion.
Alternatively, Google Pay registered 905.96 million transactions in the identical interval, amounting to Rs 1.9 trillion, thus capturing a market share of 34.3 per cent within the UPI house.
Final month, it had processed over 957 million transactions price Rs 2.01 trillion.
The drop in transactions processed by PhonePe and Google Pay in April is in sync with the autumn seen in UPI and varied different digital fee platforms in the course of the month. Retail digital funds noticed a dip in April after an increase in Covid infections resulted in lockdown-like conditions in lots of components of the nation. UPI noticed a 4.3 per cent dip in transaction quantity and a 2.22 per cent dip in transaction worth.
Amongst different massive gamers within the UPI apps house, Paytm Funds Financial institution processed 320.78 million transactions in April, amounting to Rs 36,859.20 crore. It has a market share of 12 per cent within the UPI house so far as quantity of transactions processed is anxious.
WhatsApp, the brand new entrant within the UPI house, has not seen an enormous bounce in transactions processed by its platform since its launch. The quantity of transactions processed by its platform has hovered round somewhat over 0.50 million transactions a month for the final three consecutive months.
E-commerce big Amazon’s fee software Amazon Pay processed 49.12 million transactions in April price Rs 4,272.47 crore.
“PhonePe continued to realize share in UPI transaction volumes. Google Pay and Paytm each misplaced some share and accounted for 33.5 per cent and 14 per cent of the transaction volumes, respectively, in April. WhatsApp volumes proceed to be sluggish, at 0.2 per cent share, and hasn’t progressed as anticipated on the time of its much-awaited launch,” stated Shishir Mankad, managing accomplice and head – monetary providers, Praxis International Alliance.
A bit over a month in the past, NPCI got here out with tips on capping the quantity of transactions that third-party software suppliers (TPAPs) or UPI apps can course of on the UPI. NPCI had stated that the quantity of transactions that TPAPs can course of on the UPI platform shouldn’t exceed 30 per cent, in the course of the previous three months, on a rolling foundation, efficient January 2021. Additionally, present gamers with larger market share, by way of quantity of transactions, such because the likes of PhonePe and Google Pay, can have an extra two years to adjust to the directives.