UPI market up 3.6% in Aug: PhonePe tops, Google Pay 2nd, PayTm falls

India’s Unified Payments Interface (UPI) transactions surged 3.6 per cent month-on-month to hit 14.96 billion, recording total business worth Rs 20.61 lakh crore in August 2024, according to the latest data from the National Payments Corporation of India (NPCI).

Overall, P2M or peer-to-merchant UPI payments constituted 62.4 per cent market share of all transactions while P2P or peer-to-peer transactions made up 37.6 per cent in terms of volume.

PHONEPE HAS HIGHEST MARKET SHARE

The Walmart-owned PhonePe leads India’s UPI market with 7.23 billion transactions worth Rs 10.33 lakh crore in August 2024. PhonePe now has 50.1 per cent market share by transaction value and 48.4 per cent by volume. The company record a rise in business on a month-on-month basis: PhonePe had a market share of 49.8 per cent by transaction value in July this year and 48.3 per cent in terms of volume.

Google Pay retains the second spot with a 36 per cent market share by transaction value and 37.3 per cent by volume.

Paytm registered a market share fall, both in terms of transaction value and volume. The company’s share by transaction value was 5.9 per cent in July 2024, and it dropped to 5.5 per cent in August. In terms of volume, Paytm’s market share fell from 7.8 per cent in July to 7.2 per cent in August.

NEW PLAYERS IMPRESS

Apart from the three most popular brands in India’s UPI scenario, emerging players such as Cred, Navi and FamPay are gaining ground, too. Navi has overtaken Amazon Pay in terms of transaction volume, while FamPay has surpassed ICICI Bank in terms of UPI transactions.

Cred currently ranks at number four by volume, registering 147 million transactions in August this year. The figure marks a nearly 3 per cent surge compared to the company’s business in July.

Navi recorded 88.71 million UPI transactions in comparison to Amazon Pay’s 70.72 million. Amazon Pay, however, is still ahead as far as transaction value goes, registering business worth Rs 7,744 crore against Navi’s Rs 4.651 crore revenue.

FamPay’s numbers by volume were around 57 million in August 2024. This gives the company a clear 6 million lead over the ICICI Bank UPI app, which recorded 51 million transactions in the same period.