FINTECH

Google Pay As The Most-used UPI App In November

286views

Google Pay was the most-used Unified Payments Interface (UPI) application in November, facilitating 960 million transactions worth Rs 1.61 lakh crore(US$24.48billion) with a market share of over 43 per cent, followed by Walmart’s PhonePe which saw 868 million transactions on its platform worth Rs 1.75 lakh crore.

Google Pay was the most-used Unified Payments Interface (UPI) application in November, facilitating 960 million transactions worth Rs 1.61 lakh crore with a market share of over 43 p center, followed by Walmart’s PhonePe which saw 868 million transactions on its platform worth Rs 1.75 lakh crore.

These applications together processed nearly 82 per cent of the overall volumes on the National Payments Corporation of India-owned real-time retail payment platform even as rivals Paytm and Amazon Pay, which were the next-most used platforms, processed 260 million and 37 million payments, respectively, according to data released by the NPCI.

Facebook’s WhatsApp Pay, which was recently given approval for full-fledged launch, only processed 0.31 million transactions worth Rs 13 crore, marking a slow entry to the fast-growing UPI payments ecosystem, the data showed.

India’s telecom sector, in the efforts of enabling policies including more quantum of the spectrum, is set to establish new benchmarks in the next-generation network deployments and service delivery.

A total of 2.2 billion transactions worth Rs 3.91 lakh crore were processed on UPI in November.

While 60 centper of these transactions in volume were peer-to-peer, or P2P, transactions, the rest of the payments were made to verified merchants and classified as peer-to-merchant, or P2M transactions.

As per new NPCI guidelines, both PhonePe and Google Pay would have to reduce their market-share to less than 30 per cent by the end of 2021. For others, these limits would kick in from January.

NPCI’s BHIM application was the fifth most used payment app with 23 million transactions worth Rs 7,427 crore in the month, the data showed.

Bank-owned apps such as those run by Yes Bank, ICICI Bank, Axis Bank and State Bank of India were also among the 10 most-used UPI apps, along with Airtel’s Payment Bank app.

Other prominent apps included Cred, Mobikwik and Samsung Pay.

Jio Payments Bank processed just 0.42 million transactions worth Rs 20.3 crore in the month. https://telecom.economictimes.indiatimes.com

Leave a Response