UPI payment applications PhonePe and Google Pay handled over 82% of all UPI transactions by volume in June. Sliding to the third position, Paytm controlled 6.9% of the total UPI volume, according to the data released by NPCI on Thursday.
ET reported that the UPI network saw 18.4 billion transactions worth Rs 24.04 lakh crore in June.
PhonePe has maintained consistency and dominance in the space with 8.55 billion transactions and a total value of Rs 11.99 lakh crore. It held 46.5% of the total UPI volume and nearly 50% of the value. On its way to listing on the Indian exchanges, PhonePe cornered half the UPI market in May.
Google Pay logged 6.54 billion transactions and Rs 8.41 lakh crore in value as the second-largest UPI platform in June. The UPI platform handled 35.6% of the volume and over 35% of the value of the entire ecosystem last month.
One97 Communications-run Paytm was a distant third with 1.27 billion UPI transactions worth Rs 1.34 lakh crore, accounting for 6.9% volume and 5.6% value.
Sachin Bansal-owned Navi posted 406 million transactions and Rs 21,815 crore in value, while FamApp by Trio hit 113 million transactions worth Rs 1,440 crore.
Leading UPI app PhonePe gets 95% of its revenue from digital payments, and UPI payments are a core aspect of that business, ET reported on May 19.
Meanwhile, merchant payments company Pine Labs, which is set to file its draft IPO papers last month, gets a significant share of payments via UPI. UPI accounts for a significant chunk of business for Razorpay too, which is also planning to go public by 2026.
UPI has grown rapidly since its launch in 2016. However, the platform’s breakneck growth has started to slow as it approaches saturation, ET reported on April 7.
UPI remitter members
In June, State Bank of India (SBI) once again proved its dominance in the UPI ecosystem with a staggering 4,917.29 million transactions—that’s nearly five billion with a 93.64% approval rate and minimal declines—5.82% of transactions were business declines (BD), while technical declines (TD) were remarkably low at 0.54%.
HDFC Bank ranked second with 1,472.04 transaction volume with a staggering 95.30% approval rate. Its business declines stood at 4.62%, whereas TDs were a modest 0.08%.
Bank of Baroda followed the queue with 1,239.11 transactions and a 91.09% approval rate. Its business declines were 8.88% and technical declines were 0.03%.
Amazon Pay and BHIM recorded 93 million and 73 million customer-initiated transactions, respectively, with values of Rs 9,942 crore and Rs 11,726 crore. BHIM made its way to the top 10 UPI apps by volume after a gap of 17 months.
ET reported that the UPI network saw 18.4 billion transactions worth Rs 24.04 lakh crore in June.
PhonePe has maintained consistency and dominance in the space with 8.55 billion transactions and a total value of Rs 11.99 lakh crore. It held 46.5% of the total UPI volume and nearly 50% of the value. On its way to listing on the Indian exchanges, PhonePe cornered half the UPI market in May.
Google Pay logged 6.54 billion transactions and Rs 8.41 lakh crore in value as the second-largest UPI platform in June. The UPI platform handled 35.6% of the volume and over 35% of the value of the entire ecosystem last month.
One97 Communications-run Paytm was a distant third with 1.27 billion UPI transactions worth Rs 1.34 lakh crore, accounting for 6.9% volume and 5.6% value.
Sachin Bansal-owned Navi posted 406 million transactions and Rs 21,815 crore in value, while FamApp by Trio hit 113 million transactions worth Rs 1,440 crore.
Leading UPI app PhonePe gets 95% of its revenue from digital payments, and UPI payments are a core aspect of that business, ET reported on May 19.
Meanwhile, merchant payments company Pine Labs, which is set to file its draft IPO papers last month, gets a significant share of payments via UPI. UPI accounts for a significant chunk of business for Razorpay too, which is also planning to go public by 2026.
UPI has grown rapidly since its launch in 2016. However, the platform’s breakneck growth has started to slow as it approaches saturation, ET reported on April 7.
UPI remitter members
In June, State Bank of India (SBI) once again proved its dominance in the UPI ecosystem with a staggering 4,917.29 million transactions—that’s nearly five billion with a 93.64% approval rate and minimal declines—5.82% of transactions were business declines (BD), while technical declines (TD) were remarkably low at 0.54%.
HDFC Bank ranked second with 1,472.04 transaction volume with a staggering 95.30% approval rate. Its business declines stood at 4.62%, whereas TDs were a modest 0.08%.
Bank of Baroda followed the queue with 1,239.11 transactions and a 91.09% approval rate. Its business declines were 8.88% and technical declines were 0.03%.
Amazon Pay and BHIM recorded 93 million and 73 million customer-initiated transactions, respectively, with values of Rs 9,942 crore and Rs 11,726 crore. BHIM made its way to the top 10 UPI apps by volume after a gap of 17 months.