PhonePe continues to dominate and remain a market leader for UPI transactions as its market share alone in terms of total value stood at 49.8% in June 2023.
BENGALURU: Paytm, which rides on its own bank rails, overtakes Google Pay in terms of both volume and value in UPI transactions, as Google Pay’s market share in terms of transaction volume fell from 34% in June 2022 to 13.8% in June 2023.
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Whereas, Paytm has earned market share from just 14.7% to 34.6% in the same period, according to Worldline’s India Digital Payments Report H1 2023, which was released on Tuesday. In terms of transaction value, Paytm witnessed a significant rise from 9.9% to 33% during the same period. On the other hand, Google Pay’s dropped from 34.6% to 10.9%.
PhonePe continues to dominate and remain a market leader for UPI transactions as its market share alone in terms of total value stood at 49.8% in June 2023. The three apps accounted for 95.68% of all transactions in June 2023 compared to 94.55% a year ago. Also, Paytm Payments Bank is the top UPI beneficiary bank with 11.6 billion transactions. Google Pay and PhonePe are using the rails of other banks, the report added.
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The report also revealed that the average ticket size (ATS) for UPI Person-to-Merchant (P2M) transactions which was Rs 885 in January 2022 has reduced to Rs 653 in June 2023, and this indicates that UPI is being increasingly used for micro transactions.
The report also said that in H1 2023, frequently visited in-store merchant categories such as grocery stores, restaurants, service stations, clothing stores, government services, pharmacies and hospitals accounted for around 65% in terms of volume and nearly 50% of the total transaction value.
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Paytm sees rise in transaction value
In terms of transaction value, Paytm witnessed a significant increase from 9.9% to 33% from June 2022 to June 2023 period. On the other hand, Google Pay’s dropped from 34.6% to 10.9%. PhonePe continues to dominate and remain a market leader for UPI transactions as its market share alone in terms of total value stood at 49.8% in June 2023. The three apps accounted for 95.68% of all transactions in June 2023 as compared to 94.55% a year ago. Also, Paytm Payments Bank is the top UPI beneficiary bank with 11.6 billion transactions. Google Pay and PhonePe are using the rails of other banks, the report added
