PhonePe accounted for 45.84% of processed transactions in June 2022, followed by Google Pay (33.98%) and Paytm (14.72%)
PhonePe processed transactions worth INR 5.01 Lakh Cr in June this year, followed by Google Pay which processed transactions worth INR 3.55 Lakh Cr
Among banks, SBI processed 1.62 Bn transactions through UPI in June 2022, followed by HDFC Bank with 529.76 Mn transactions and Bank of Baroda with 383.61 Mn requests
PhonePe continued to lead the transactions on the Unified Payments Interface (UPI), accounting for 45.84% of the total transactions recorded on the payments system in June 2022.
According to data released by the National Payments Corporation of India (NPCI), PhonePe led the pack with 2.73 Bn transactions (45.84%) in June, followed by Google Pay with 2.02 Bn transactions (33.98%). Paytm was at the third position, processing 877.5 Mn transactions (14.72%).
The rest of the transactions were processed by 65 players, including Amazon Pay, Axis Bank apps, Yes Bank apps, among others.
PhonePe processed transactions worth INR 5.01 Lakh Cr in June this year, continuing its dominance as the biggest player in the space. Google Pay clinched the second spot, processing transactions worth INR 3.55 Lakh Cr in June, while Paytm recorded nearly INR 1.02 Lakh Cr worth of transactions.
Interestingly, CRED, which processed a paltry 13.4 Mn transactions, took the fourth spot in terms of the net value of transactions processed at INR 17,583.25 Cr.
In total, more than 586 Cr transactions worth INR 10.14 Lakh Cr were processed via UPI in June 2022. In comparison, UPI had recorded 5.94 Bn transactions worth INR 10.4 Lakh Cr in May this year. PhonePe and Google Pay led the market in May 2022 as well, accounting for more than 82% of market share together in terms of number of transactions processed.
Among banks, State Bank Of India kept its pole position, processing 1.62 Bn transactions in June 2022, followed by HDFC Bank with 529.76 Mn transactions and Bank of Baroda with 383.61 Mn transactions.
Of the total transactions, 3.3 Bn peer-to-peer (P2P) transactions were processed amounting to INR 8 Lakh Cr, while peer-to-merchant (P2M) transactions hovered around 2.56 Bn mark worth INR 2.13 Lakh Cr.
Giving a breakdown of the data, NPCI noted that a majority of UPI payments were small-ticket transactions. Payments under INR 500 constituted 60.32% of the total P2P transaction volume, while INR 501-2,000 payments amounted to 19.09% of the total number of transactions. Transactions valued at more than INR 2,000 formed 20.59% of the total transaction volume.
On the other hand, 79.6% of the total P2M transactions were under INR 500, while INR 501-2,000 payments formed 13.99% of the total P2M transactions.
In June 2022, big-ticket P2P payments above INR 2,000 contributed 86.91% of the total INR 8 Lakh Cr transactions value. P2P transactions between INR 501-2,000 accounted for 9.56% of the total transaction value in June 2022, while payments below INR 501 formed a paltry 3.53% of the total transaction value in June this year.
P2M payments over INR 2,000 formed 69.86% of the total transaction value processed over UPI in June 2022. The trend continued as P2M payments between INR 501-2,000 formed close to 17.05% and P2M payments below INR 501 accounted for 13.09% of the total P2M transaction value processed in June this year.
The NPCI added that UPI had no downtime in June 2022, and the service did not falter even once.
The Reserve Bank of India (RBI) recently unveiled its ‘Payments Vision 2025’ that seeks to increase the number of digital payment transactions by more than 3X by 2025. It also envisages a slew of recommendations to increase the penetration of digital payments infrastructure in the country, including targeting an annualised growth of 50% for UPI payments by 2025.
This is in addition to another incentive announced by the RBI last month to spur UPI payments. The central bank proposed that it would allow users to link their credit cards with UPI to boost credit card utilisation and other digital payments.
