Walmart's Phonepe Zips-Past Google Pay in India, as UPI tops-2 billion monthly transactions
By MYBRANDBOOK
UPI has become a popular digital payment method in India due to its open architecture that enables interoperability between all participating payment applications, Google Pay, Amazon Pay, Paytm, and PhonePe.
Google Pay, however, for the first time in more than a year, failed to get the largest volume of UPI transactions. PhonePe recorded 835 million UPI transactions in October, while Google Pay managed around 820 million, according to people familiar with the matter.
Paytm reached around 245 million transactions, while Amazon Pay could make with about 125 million, as per the say.
PhonePe confirmed in a statement that it was in the "market leading position" with around 40% of all UPI transactions last month.
Paytm and PhonePe both operate wallet service, in contrast to Google Pay. PhonePe has seen a surge in its transactions lately as more and more offline stores have opened and merchants and consumers choose a digital alternative for completing transactions.
The app also added a number of funding services, including 600,000 insurance policies.
“Our mission is to make digital payments a lifestyle for every Indian citizen. Our next goal is to reach 500 million registered users by December 2022.
“In line with our brand ethos “Card Yes. Badhte Ja, & we continue to introduce new and innovative products for all strata of Indian society and enable digital payments to be accepted at every merchant in every village and town in India, "said Sameer Nigam CEO and Founder, PhonePe.
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