While PhonePe keeps on ruling the Unified Payments Interface (UPI) market, beating Google Pay for a quarter of a year in a row, WhatsApp Pay’s UPI market share has gradually inched up, as per information from the National Payments Corporation of India for December 2020.
While PhonePe processed 902 million transactions worth over ₹1.82 lakh crore in December, Google Pay handled more than 854 million transactions worth ₹1.76 lakh crore during the same month. In November, PhonePe processed 868 million UPI transactions worth over ₹1.75 lakh crore contrasted with Google Pay’s 960 million transactions worth ₹1.61 lakh crore.
As of December, PhonePe had a market share of 40.4% in volume terms and 43.8% in value terms contrasted with 39.3% and 44.9%, respectively, in the earlier month. In correlation, Google Pay’s UPI market share has slipped to 38% in volume terms and 42% in worth terms in December contrasted with 43.4% and 41.3% respectively, in the earlier month.
Paytm Payments Bank has the third biggest UPI service, with an 11.7% market share in volume terms and a 7.52% market share in value terms as of December. Its market share as a third-party UPI app has not moved much since November. Then again, Axis Bank’s UPI service has developed essentially from only 5 million transactions worth ₹464 crores in November to 92.15 million transactions worth ₹644 crores in December. This is on account of more than 90 million Business-2-Consumer UPI transactions as opposed to transactions started by clients, the NPCI information uncovers.
WhatsApp Pay’s UPI service, which got the regulator and NPCI’s nod a year ago to launch in a graded way, has developed by over 200% in both volume and value terms between November and December. In December, WhatsApp Pay processed 810,000 UPI transactions worth ₹29.72 crores contrasted with 310,000 transactions worth ₹13.87 crores.
Notwithstanding, its market share remains at 0.04% in volume terms and 0.007% in worth terms as of December. It is the 19th biggest third-party UPI app, behind State Bank of India, Yes Bank, ICICI Bank, Cred, Airtel Payments Bank, HDFC Bank, Freecharge, India Post Payments Bank, MobiKwik, and IndusInd Bank among others.
At the point when NPCI gave its nod to WhatsApp Pay’s launch, it presented a market share cap of 30% on UPI players starting from January 1, 2021, apparently to guarantee that WhatsApp’s UPI service doesn’t pack out different players in the UPI ecosystem. Since WhatsApp has more than 400 million clients, an unrestricted launch of its UPI service would trouble the current UPI infrastructure which has been seeing an ascent in technical blackouts and transaction failures in the last two months.
Streaming devices come in various price points, just like Android smartphones. The Roku Streaming Stick… Read More
Want to create vibrant online communities instead of abandoned social media accounts for your restaurant?… Read More
There are around 5.5 billion internet users globally. As an entrepreneur, you want to use… Read More
In today's rapidly evolving cryptocurrency market, cloud mining opens up a new path to wealth… Read More
Two Cars. Two Legacies. One Unforgettable Story. Japanese automotive culture has given the world some… Read More
LinkedIn has announced changes to its Campaign Manager platform targeted at providing better data and… Read More
