In June, PhonePe held a 48.34% market share in the Unified Payments Interface (UPI) ecosystem, processing nearly one out of every two transactions on the NPCI-run platform. PhonePe’s platform processes nearly one out of every two UPI transactions operated by the National Payments Corporation of India (NPCI).
The Bengaluru-based fintech firm processed 6.71 billion UPI transactions in June, totalling Rs 10.09 trillion, according to NPCI data.
The corporation was the largest in the UPI. In May, he secured around 49.2 percent of the stock. The Bengaluru-based digital payments and financial services provider has continued to boost its UPI share, which increased from 47.35 percent in February of this year.
In June, Google Pay remained the second-largest player in the UPI ecosystem, accounting for 36.74 percent. Paytm, the third largest participant in the digital payments ecosystem, has seen a sustained reduction in UPI transaction volumes, with its market share dropping to 7.93% in June from 12.79% in January.
The other smaller players each hold less than 1% of the UPI ecosystem. Volume concentration among the top two players, PhonePe and Google Pay, has already prompted duopoly concerns and problems about the platforms’ concentration risk.
As of June, the two corporations accounted for 85 percent of all UPI transactions. Last month, the NPCI processed 13.88 billion transactions on its platform.
PhonePe is a digital payments and financial services firm based in Bangalore, Karnataka, India. PhonePe was established in December 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer. The PhonePe app, which is based on the Unified Payments Interface, launched in August 2016.
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