PhonePe, a digital payment platform owned by Walmart, has surpassed Google Pay and became the top unified payment interface (UPI) application in December. The platform processed 902.03 million transactions, totaling Rs. According to the latest data released by the National Payment Corporation of India (NPCI), a total of Rs 1,82,126.88 crore. On the other hand, Google Pay’s transaction volume was 854.49 million rupees, falling to second place. 1,76,199.33 million. Both PhonePe and Google Pay accounted for more than 78% of the total 2,234.16 million UPI transactions that occurred in December. These two applications also accounted for more than 86% of UPI’s overall RPI transaction volume. 4,16,176.21 million.
Data provided by NPCI shows that, compared to 868.4 million transactions and rupees, PhonePe’s UPI transaction volume in December increased by more than 3.87%, and the transaction volume surged by 3.8%. The value of transactions recorded in November was Rs 1,75,453.85 crore.
In contrast, the transaction volume of Google Pay dropped sharply by more than 11% in December, while the transaction value fell by more than 9.15%. It dominated the UPI application market in November, with a total transaction volume of Rs, reaching 960.2 million transactions. 1,61,418.19 million
Paytm Payments Bank has ranked third, second only to PhonePe and Google Pay. The result was a transaction of 256,36 crore rupees. According to NPCI data, it was 31,291.83 million in December.
In terms of transaction volume, Amazon Pay and NPCI’s BHIM applications have become the fourth and fifth largest UPI applications. Amazon Pay initiated 40.53 million transactions with a value of Rs. BHIM had a total revenue of Rs 3,508.93 crore and processed 24.8 million transactions worth Rs. It was 7,748.29 million in December.
In terms of value, Cred’s transaction volume reached 3.61 million rupees, which has surpassed Amazon Pay. According to NPCI data, it was 3,793.32 in December.
According to NPCI, WhatsApp processed 810,000 transactions worth Rs. Last December’s 2910,000 rupees, worth 310,000 rupees. It was 13.87 million in November.
Overall, UPI transaction volume in December increased by 1.08%, and transaction volume increased by 6.43%. There are also 207 banks supported by UPI, up from 200 in November.
NPCI announced in November that it would limit the total amount of UPI transactions processed by third-party application (TPA) providers to 30%. The cap has been in effect since the beginning of January and is believed to have a significant impact on platforms including PhonePe and Google Pay, while providing further expansion space for Paytm and MobiKwik.
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