PhonePe, the popular online payment platform in India surpassed its rival Google Pay in December 2020. As per the data issued by NPCI, a total of 207 banks are currently live on UPI. NPCI stated that a massive 2234.16 million transactions accounting for 416176.21 crores happened in December. PhonePe has turned out to become the topmost unified payments interface [UPI] app for December 2020 surpassing its rival Google Pay, as per the NPCI data.
The total number of transactions done by PhonePe for December 2020 remained at 902.03 million. On the other hand, the Google Pay transactions were at 854.49 million, as per the NPCI data. For about 2 months, PhonePe had been chasing Google Pay by surpassing its users and transactions. The value of transactions in December for PhonePe was Rs. 182126.88 crores while the transaction value for Google Pay was Rs. 176199.33 crore.
In the UPI platform, Google Pay was at the top position in October and November last year followed by PhonePe. In just one month, PhonePe managed to reach the top place surpassing Google Pay. PhonePe’s development has been registered between November and December 2020 in terms of the transaction value with 4 percent. On the other hand, Google Pay has witnessed a steep decrease of 11 percent.
In the 3rd party UPI app market, Google Pay and PhonePe are the major rivals. Still, there is no much difference between the transactions done by PhonePe and Google Pay. WhatsApp, the popular messaging platform doubled its UPI transactions volume to 0.81 million with a transaction value worth Rs. 29.72 crore. Depending on the Unified Payments Interface [UPI], WhatsApp launched its complete payments service in November 2020.
In the same month, WhatsApp managed to hit just 0.31 million UPI transactions volume and Rs. 13.87 crore transaction value. WhatsApp enhanced the count to 0.81 million transactions volume and Rs. 29.71 crore value in December 2020. Considering the huge user base that WhatsApp has in India, this range of transaction volume is pretty less.
In the list, Paytm Payments Bank, Axis Bank, and Amazon Pay secured the subsequent five positions. The Government-based BHIM app secured 6th position in the list with a sheer transaction value worth Rs. 7748.29 crore and 24.80 million transactions. The monthly volume growth rate of Google Pay is diminished while PhonePe has increased. A plethora of users complained about Google Pay and its services. One of the impressive features of UPI is the instant money transfer facility.
A lot of users complained that Google Pay is possessing the funds for a while before transferring them to the recipient’s bank account. On the other hand, PhonePe is acquiring more new customers and has been increasing the UPI transactions volume. PhonePe will probably witness development in the complete UPI transactions volume in January 2020.
Google Pay and PhonePe jointly have a market share of about 40 percent. As per the new NPCI norms, the two UPI apps need to diminish their share to less than 30 percent by 2024. Stay tuned to this website to get the latest tech news, telecom updates, and more.