PhonePe and Google Pay dominate India's UPI ecosystem

economictimes.indiatimes.com

PhonePe and Google Pay maintained their dominance in India's Unified Payments Interface (UPI) ecosystem in May, holding the top two spots. PhonePe accounted for half the market share. PhonePe processed 8.7 billion transactions worth Rs 12.56 lakh crore, while Google Pay handled 6.7 billion transactions worth Rs 8.85 lakh crore. Paytm trailed in third place, with Navi and Flipkart's super.money following. UPI transactions totaled 18.68 billion in May, with a value of Rs 25.14 lakh crore. The government's decision against reinstating merchant discount rates has impacted payment firms' monetization plans.


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PhonePe and Google Pay dominate India's UPI ecosystem | News Minimalist