Walmart’s PhonePe and Google Pay to continuously dominate India’s inter-state digital payments network that is built on the nation’s United Payments Interface (UPI), a shared payments network created by the state and joined by almost 200 Indian financial institutions.
Google Pay has a market share of almost 45% of UPI’s transaction volume and PhonePe appears second with nearly 41% of the share for November, as per the data shared by UPI’s governing body, National Payments Corporation of India (NPCI).
Touted as India’s one of the leading fintech success stories, the UPI network is one of those few instances where the country has led development in financial services.
Created by the NPCI and directed by the Reserve Bank of India, the Indian national bank, UPI empowers both advanced payments and shared between bank transactions. Dispatched in 2016, the organization additionally timed more than 2 billion transactions a month ago, up from 1.2 billion transactions in November 2019. The total transaction count for advanced payments in India remains at more than 34 billion for the current monetary year, as indicated by national bank information.
While the rundown of payment administrations utilizing the UPI network likewise includes other noticeable names in the area including AmazonPay, Paytm Payments Bank, and Whatsapp Pay, their development appears to have been slow up until now. Facebook’s Whatsapp gotten endorsement in June to turn out payment services in India following a two-year-long testing stage however has figured out how to catch just about 0.31% of the market share up until this point.
The UPI-based computerized payments network is noticeably overwhelmed by the best three stages, which represent over 93% of transactional volume. In a clear move to counter such market predominance, the NPCI declared in November that no single application would be permitted to represent over 30% of UPI exchanges on a moving premise.
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