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 to the newest information launched by the Nationwide Funds Company of India (NPCI). Google Pay, however, has dropped to the second place with 854.49 million transactions amounting Rs. 1,76,199.33 crores. Each PhonePe and Google Pay account for greater than 78 p.c of the full 2,234.16 million UPI transactions that happened in December. The 2 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 reveals that PhonePe has seen over 3.87 p.c improve in UPI transaction quantity and three.8 p.c spike in transaction worth in December in comparison to the 868.4 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 Funds Financial institution has come third — after PhonePe and Google Pay. It resulted in 256.36 million transactions price Rs. 31,291.83 crores in December, as per the NPCI information.
Amazon Pay and NPCI’s BHIM app have emerged because the fourth and fifth main UPI apps in phrases of transaction quantity. Whereas Amazon Pay initiated 40.53 million transactions price Rs. 3,508.93 crores, BHIM processed 24.80 million transactions price Rs. 7,748.29 crores in December.
When it comes to worth, Cred has overtaken Amazon Pay with processing 3.61 million transactions price Rs. 3,793.32 in December, the NPCI information reveals.
WhatsApp additionally formally joined the funds market in November. Though the Fb-owned app was allowed to play towards 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 prior to the general public outrage over its privateness coverage replace that it will definitely delayed till Might.
In accordance to NPCI, WhatsApp processed 810,000 transactions price Rs. 29.72 crores in December, up from 310,000 transactions price Rs. 13.87 crores in November.
Total, 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 p.c on the full quantity of UPI transactions processed by third social gathering app (TPA) suppliers. That cap has come into place because the starting of January and is believed to majorly impression platforms together with PhonePe and Google Pay, whereas giving a scope to improve additional to Paytm and MobiKwik.
What would be the most fun tech launch of 2021? We mentioned this on Orbital, our weekly know-how podcast, which you’ll be able to subscribe to by way of Apple Podcasts, Google Podcasts, or RSS, download the episode, or simply hit the play button beneath.