PhonePe continues to be largest on UPI, Paytm’s market share slips in June | Finance News
Nearly one out of two transactions on the NPCI-run Unified Payments Interface (UPI) are processed on fintech major PhonePe’s platform, with the payments company cornering around 48.34 per cent market share as of June 2024.
The Bengaluru-based fintech unicorn processed 6.71 billion UPI transactions in June, amounting to a cumulative value of Rs 10.09 trillion, data from the National Payments Corporation of India (NPCI) shows.
Google Pay continued to be the second largest player on the UPI ecosystem, holding a 36.74 per cent share.
Paytm, the third largest player in the digital payments ecosystem, has continued to see a decline in UPI transaction volumes, with its market share down to 7.93 per cent in June from 12.79 per cent in January.
The rest of the smaller players hold less than one per cent each on the UPI ecosystem.
A concentration of volumes with the top two players, PhonePe and Google Pay, has previously raised duopoly concerns and challenges around the concentration risk of these platforms.
As of June, the two firms hold 85 per cent share of the total UPI transactions.
UPI market share, top 5 players over past six months (Fig. in %)
Source: NPCI
First Published: Jul 22 2024 | 6:36 PM IST
