New Delhi: According to data provided by National Payments Corporation of India (NPCI) showed that PhonePe, the digital payments platform owned by Walmart, has surpassed Google Pay. As per updates, PhonePe has emerged as the top unified payments interface (UPI) app in the month of December. PhonePe has also processed 902.03 million transactions accounting for Rs 1,82,126.88 crores in total, according to the latest data released by the NPCI.Also Read - Google Pay, PhonePe, Paytm Offline Transactions: Here’s How You Can Still Make Payments Without Internet | Step-by-step Guide Here
On the other hand, Google Pay has dropped to the second position with 854.49 million transactions amounting Rs 1,76,199.33 crores. Notably, both account for more than 78 percent of the total 2,234.16 million UPI transactions that took place in December. The NPCI stated that the two apps also captured over 86 percent of the overall UPI transaction volume of Rs 4,16,176.21 crores. Also Read - Bank Customer Alert: Your Cheque Will Bounce If You Do Not Follow These Guidelines From This Month
The NPCI data further showed that PhonePe has seen over 3.87 percent increase in UPI transaction volume and 3.8 percent spike in transaction value in December when compared to the 868.4 million of transaction volume and Rs. 1,75,453.85 crores of transaction value recorded in November. Also Read - Bank Transaction on Weekends: Salary, Pension, EMI Payment Rules to Change From August 1 | Details Here
Ion the other side, Google Pay has in a similar manner has seen a drastic fall of over 11 percent in transaction volume and over 9.15 percent drop in transaction value in December. It dominated the UPI apps market in November, with 960.02 million transactions at an overall value of Rs. 1,61,418.19 crores.
Moreover, Amazon Pay and NPCI’s BHIM app have emerged as the fourth and fifth leading UPI apps in terms of transaction volume in December. While Amazon Pay initiated 40.53 million transactions worth Rs. 3,508.93 crores, BHIM processed 24.80 million transactions worth Rs. 7,748.29 crores in December.
NPCI also stated that WhatsApp processed 810,000 transactions worth Rs. 29.72 crores in December, up from 310,000 transactions worth Rs. 13.87 crores in November.