PhonePe Leads In UPI Market Despite Double Transactions Covered by WhatsApp Payment

Facebook-owned Whatsapp now features a rupee icon in the chat composer, as a means to ensure the new payment option is more visible to WhatsApp users.

Published: October 11, 2021 10:08 PM IST

By India.com News Desk | Edited by Sumaila Zaman

DIGITAL PAYMENT in India
DIGITAL PAYMENT in India

New Delhi: Despite the extensively used Whatsapp payment option, the three old traditional digital payment options i.e. Google Pay, Paytm, and UPI have been performing pretty well, thus maintaining their market value.

As per the United Payments Interface Segment, PhonePe continued to stay as the market leader. Later it was followed by Google Pay and Paytm Payments Bank. In the month of September, PhonePe has registered a total of 165 crore transactions which amounted to Rs 3.06 lakh crore. According to the data by the National Payments Corporation Of India(NPCI), the digital payments to financial services accounted for a 45 per cent share of the volume pie and 47 per cent of the value of the United Payments Interface.

Meanwhile, google pay, a digital wallet platform has maintained its position with 35 per cent market share in terms of volumes and 38 per cent in terms of values. The recorded payment transactions was 129 crore which amounts to Rs 2.50 lakh crore.

Paytm Payments Bank remains the third-largest despite its market value dipped in the month of Sept to 9 per cent. Earlier its market value was 14 per cent. The recorded payment transactions through Paytm was 53.8 crore which equals Rs 60,094 crore.

Speaking at the Global Fintech Fest 2021, Manesh Mahatme, Director Payments, WhatsApp India on Sept 30, said, “Our focus right now is to drive awareness of our payments feature on WhatsApp and to build new use cases to transact.”

The newly featured Whatsapp payment option has witnessed its transactions being doubled over the past one month. Whatsapp share in the market has risen from 0.01 per cent in the month of August. However, its share in terms of volume remained at 0.27 per cent in the month of Sept. Facebook-owned Whatsapp now features a rupee icon in the chat composer, as a means to ensure the new payment option is more visible to WhatsApp users.

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