Saying in words ‘the last is good, all is good’! But while the beginning of last year has been good, the last defence has not been Google Pay, an online payment platform owned by Google. According to the report, Google Pay’s market share declined significantly in December compared to November 2020, leaving the Merchant App the best UPI (Unified Payment Interface) app. PhonePe is another popular online payment app that has surpassed this digital payment platform.
According to the National Payments Corporation, or NPCI, PhonePe, a subsidiary of Walmart, made about 902.03 million online transactions in December last year, bringing the total to Rs 182,126.88 crore. On the other hand, Google Pay, which came in second place, had 854 million (approximately Rs. 176,199.33 crore) transactions last month.
According to the NPCI report, Google Pay and Phone Pay combined accounted for a total of 2,234 million transactions in December, valued at around Rs 416,176 crore. According to estimates, 78 per cent of the total UPI transactions last month were through these two online payment platforms; If you calculate this percentage on the basis of the whole year, the figure stands at 86%. In that case, the transaction of phone pay has increased by about 3.5% in December as compared to last November.
However, in addition to PhonePay or Google Pay, other online payment surfaces like Amazon Pay or Paytm have also strengthened their business. In the NPCI report, Paytm ranks third; The company had a total turnover of Rs 31,291 crore in 256 million transactions last month. E-commerce company Amazon, on the other hand, has risen to fourth place as an online payment app by doing business through their payment platform. However, the National Payment Corporation’s own platform VHIM (BHIM) has dropped to fifth place.
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