In terms of transaction volume and value, PhonePe continues to lead the UPI ecosystem over competitors such as Google Pay and Paytm in August.
According to figures given by the National Payments Corporation of India, PhonePe processed 1,622.95 million or 1.6 billion transactions worth Rs 3,01,644.80 crore in August. During that time, Google Pay received 1234.75 million (Rs 2,44,453.05 crore) in payments.
In August, as United Payments Interface (UPI) transactions continued to rise, digital payments company PhonePe achieved a new high, surpassing Rs 3 lakh crore in transaction amounts for the first time.
With 1.62 billion transactions, PhonePe accounts for 45 percent of UPI volume and 47 percent of UPI value, with Rs. 3.01 lakh crore in transactions.
Transactions on Google Pay, the second-largest participant, increased from 1.11 billion in July to 1.24 billion in August. Google Pay's value market share increased from 34.45 percent in July to 38 percent in August, with transactions totaling Rs 2.44 lakh crore. The app had a 35 percent volume market share.
Peer-to-peer (P2P) and peer-to-merchant (P2M) transactions totaled 1,945.80 million and 1609.74 million, respectively, in UPI's 3.55 billion transactions valued Rs 6,39,116 crore.
In August, PhonePe had 45.64 percent of the UPI market share, while Google Pay had 34.72 percent. PhonePe and Google Pay had 45.94 percent and 34.45 percent market share in the UPI ecosystem, respectively, in the preceding month.
WhatsApp, a Facebook-owned app, registered 0.5 million transactions worth Rs 44.70 crore, indicating that new entrants in the UPI market are still underperforming. Because more people were allowed to join WhatsApp in the last few months, it was expected to grow.
It's also worth mentioning that in August, PhonePe was India's most popular fintech app. During the month, PhonePe had 9.5 million downloads across the Play Store and App Store, followed by Google Pay with 7 million and Paytm with 6.1 million, according to Sensor Tower data.
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