PhonePe and Google Pay dominate India's UPI market

timesofindia.indiatimes.com

PhonePe and Google Pay continue to dominate India's UPI market, despite slowing growth in overall transactions. They processed the majority of the 18.68 billion UPI transactions in May. PhonePe and Google Pay lead the Unified Payments Interface (UPI) ecosystem, with PhonePe handling 8.7 billion transactions worth ₹12.56 lakh crore. Google Pay followed with 6.7 billion transactions valued at ₹8.85 lakh crore. While UPI transaction volume is slowing, reaching near saturation, monetization remains a challenge for platforms due to the finance ministry's decision against reinstating the merchant discount rate.


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