Mumbai: Digital payments platform PhonePe has continued to be the market leader in the unified payments interface (UPI) ecosystem processing nearly half of the total transactions in April 2024. According to the data released by the National Payments Corporation of India (NPCI),
PhonePe clocked 6.5 billion transactions across P2M (person to merchant) and P2P (person to person) transactions via UPI out of the total transactions of 13.3 billion in April translating in a market share of 49 per cent. On the other hand, Google Pay processed 5 billion transactions translating to a market share of 37.5 per cent.
However, another significant player Paytm continued to lose market share. Paytm’s number of transactions declined to 1.11 billion (8.3 per cent market share) from 1.21 billion in the previous two months.
PhonePe has maintained the leadership position in the overall UPI transactions for more than 40 months since November 2020.
UPI transactions declined in volume in April by one per cent to 13.3 billion from 13.44 billion in March. On the same lines, the total transaction value in the same period fell 0.7 per cent to Rs 19.64 lakh crore from Rs 19.78 lakh crore in March.
