The new entrant into the market WhatsApp Pay had done 300,000 transactions in November, worth Rs 13.87 crore.


Walmart-backed PhonePe and Google-backed Google Pay have the lion’s share of the unified payments interface (UPI) market.

According to the data released by the National Payments Corporation of India (NPCI), Google Pay and PhonePe together have more than 82 per cent of the market by volume and more than 86 per cent by value.

In November, Google Pay had done 960.02 million transactions, accounting for Rs 1.61 trillion, followed by PhonePe, with 868.4 million transactions, worth Rs 1.75 trillion.

New entrant into the market WhatsApp Pay had done 300,000 transactions in November, worth Rs 13.87 crore.

Paytm’s UPI transactions in November had breached 260 million, worth Rs 28,986.93 crore.

Other large players, such as Amazon Pay, had reported 37.15 million transactions, worth Rs 3,524.51 crore, while NPCI’s own Bhim app had processed 23.56 million transactions, worth Rs 7,472.20 crore.

Google Pay, PhonePe, Paytm, and Amazon Pay account for 96.17 per cent of the UPI market by volume and 94 per cent by value.

According to the October data released, Google Pay accounted for 857.81 million transactions, while PhonePe came in second, with 839.88 million transactions. Together, the two payments providers accounted for more than 82 per cent of the market by volume. The data said Rs 1.66 trillion worth of transactions had happened through Google Pay in October, while Rs 1.68 trillion worth of transactions had taken place through PhonePe. This made up for 86 per cent of total transaction value on UPI in October.

The NPCI had recently imposed 30-per cent cap on third-party applications (apps) on total volume transactions processed via UPI, effective January 1, 2021. This had prompted many to criticise the regulator for stifling competition in the UPI space.

implications for millions of users using UPI for their daily payments. It could impact the further adoption of UPI and the end goal of financial inclusion, it had said.

“Digital payments in India is still in its infancy and any interventions at this point should be made with a view to accelerate consumer choice and innovation. Choice-based and open model key to drive momentum," Google Pay had said.

However, the existing third-party app providers processing over 30 per cent transactions will have a period of two years from January 2021, to comply with the same in a phased manner.

Both Google Pay and PhonePe will have to comply with the NPCI’s diktat and bring down the share in UPI transactions to below 30 per cent in the next two years.