Google Pay, PhonePe account for 86% of UPI transactions by value in Oct: NPCI
4 years ago

Google Pay, PhonePe account for 86% of UPI transactions by value in Oct: NPCI

Live Mint  

NEW DELHI: Payments operators, Google Pay and PhonePe, seem to have a stranglehold on the unified payments interface market in India. According to October data from the National Payments Corporation of India, published for the first time, Google Pay accounted for 857.81 million transactions, while PhonePe came in second with 839.88 million transactions. The data said ₹1,65,654.71 crore worth of transactions happened through Google Pay in October, while ₹1,68,085.06 crore worth of transactions took place through PhonePe. While PayTM accounted for about 11% of the market, with 244.94 million transactions, Amazon Pay saw 46.59 million transactions. Google Pay saw 751.61 million transactions in September, while PhonePe had 688.32 million transactions.

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History of this topic

Rs 81 lakh crore worth transactions processed by UPI in April-July | DETAILS
3 months, 3 weeks ago

Rs 81 lakh crore worth transactions processed by UPI in April-July | DETAILS

India TV News  

India's Unified Payments Interface processed nearly ₹ 81 lakh crore transactions in the April-July period this year, which is a staggering 37 per cent increase and surpassing all world's leading digital payments platforms. According to latest data by global payments hub Paysecure, UPI processed 3,729.1 transactions per second — a 58 per cent surge over the 2,348 transactions every second …

RBI’s Digital Rupee: Google, PhonePe, Amazon Pay, Cred, and Mobikwik To join digital currency pilot project
4 months, 2 weeks ago

RBI’s Digital Rupee: Google, PhonePe, Amazon Pay, Cred, and Mobikwik To join digital currency pilot project

The Hindu  

Google, PhonePe, Amazon Pay, Cred and Mobikwik are looking to join Indian central bank’s digital currency project by offering transactions in e-rupee, a digital alternative to the physical currency. The news comes as transactions using the digital currency reached over a million a day last year, however, they have declined ever since, to about 100,000-200,000 a day. However, in April …

Paytm’s market share Continues to fall after RBI crackdown
6 months, 2 weeks ago

Paytm’s market share Continues to fall after RBI crackdown

Hindustan Times  

Paytm’s market share among India’s online payment apps, fell for a fourth straight month as the fintech pioneer struggles to recover from the Reserve Bank of India ordering its affiliate, Paytm Payments Bank to shut down, according to a Bloomberg report. Paytm Payments Bank isn’t actually controlled by Paytm, but is part of founder and CEO Vijay Shekhar Sharma’s fintech …

India plans to curb Google, PhonePe’s dominance in mobile payments: Report
8 months, 1 week ago

India plans to curb Google, PhonePe’s dominance in mobile payments: Report

The Hindu  

India’s governing body overseeing the country’s Unified Payments Interface mobile payments system is set to engage with fintech startups to develop a strategy to address the growing market dominance of companies including PhonePe and Google pay in the UPI ecosystem. The National Payments Corporation of India plans to meet executives from companies including CRED, Flipkart, Fampay, and Amazon to discuss …

Paytm's UPI market share drops to 9%, reaches lowest in four years. Is PhonePe gaining?
8 months, 2 weeks ago

Paytm's UPI market share drops to 9%, reaches lowest in four years. Is PhonePe gaining?

Hindustan Times  

One97 Communications Ltd, parent company of Paytm, witnessed a drop of nine percent in its Unified Payments Interface market share in March. Paytm's market share in February dropped to 11 per cent from January after the Reserve Bank of India barred Paytm Payments Bank Limited 's business operations. Since April 2020 when NPCI started sharing UPI apps transaction volume, this …

Users ditch Paytm? App's daily downloads declined this much since February 1
10 months ago

Users ditch Paytm? App's daily downloads declined this much since February 1

Hindustan Times  

Daily downloads of the Paytm app have fallen since February 1 while those of BHIM UPI app increased 49 per cent. Google Pay app daily downloads dropped 10.6 per cent during the period. This comes after the Reserve Bank of India imposed curbs on Paytm Payments Bank resulting in its app downloads to decline by 55 per cent to 60,627 …

Parliamentary panel asks govt to promote Indian fintech players
10 months, 2 weeks ago

Parliamentary panel asks govt to promote Indian fintech players

Hindustan Times  

The parliamentary standing committee on communications and information technology has asked the government to promote local Indian players in the fintech sector following a submission by the ministry of electronics and information technology which said that Walmart-owned PhonePe and Google Pay account for 83.3% of the UPI market in the county. Tabled in Lok Sabha on February 8, the panel’s …

Paytm crisis: India’s Paytm crackdown spooks retailers; Walmart, Google swoop in
10 months, 2 weeks ago

Paytm crisis: India’s Paytm crackdown spooks retailers; Walmart, Google swoop in

The Hindu  

Hit by a regulatory crackdown, India's Paytm is mobilising its sales team to reassure the merchants who use its app to accept digital payments just as Walmart and Google are targeting those same vendors with their rival offerings. But many merchants are now refusing to deal with Paytm after India's central bank last week asked its banking unit - which …

Paytm Q3 results: Revenue jumps 38% to ₹2,851 crore
11 months ago

Paytm Q3 results: Revenue jumps 38% to ₹2,851 crore

Hindustan Times  

Paytm Q3 results: Paytm posted a 38 per cent rise in revenue to ₹2,851 crore in the quarter ending in December, it said in a regulatory filing on Friday. Paytm In the October-December quarter, the fintech giant Paytm reported a robust 38 per cent YoY growth in revenue, reaching ₹2,850 crore, with EBITDA before ESOP showing an improvement of ₹188 …

UPI transactions hit a new record with ₹18.23 lakh crore in Dec; 54% higher
11 months, 3 weeks ago

UPI transactions hit a new record with ₹18.23 lakh crore in Dec; 54% higher

Live Mint  

The volume of UPI transactions continues to rise month after month as the total monthly transaction amount touched ₹18.23 lakh crore in Dec last year, 54 percent higher than the corresponding data of 2022. Also, the number of UPI transactions hit 11.24 billion in November and 11.41 billion in October. Month Transaction amount No of transactions Oct 17.16 11.41 billion …

Google bets on digital payments to tap India's vast SME sector
1 year ago

Google bets on digital payments to tap India's vast SME sector

Live Mint  

Google is betting on digital payments and wants to tap into the SME sector in India. Sanjay Gupta, country head and vice president of Google India, in an conversation with Mint, outlined the company's future direction and revenue models. I joined Google four years back, and this is one of the most exciting times in India. In the last three …

UPI crosses 10 bn transactions second time in September
1 year, 2 months ago

UPI crosses 10 bn transactions second time in September

Deccan Chronicle  

Chennai: With Unified Payments Interface crossing 10 billion transactions for the second straight month, this seems to have become the new normal for the payment interface. UPI recorded 10.56 billion transactions worth Rs 15.8 lakh crore in September, according to the National Payments Corporation of India. While the transaction volume marginally increased from Rs 15.76 lakh crore in August to …

Paytm eyes India-scale AI system; fintech investing to build new software stack
1 year, 4 months ago

Paytm eyes India-scale AI system; fintech investing to build new software stack

Live Mint  

One97 Communications Limited, which owns the brand Paytm, is investing in artificial intelligence with an eye on building artificial general intelligence software stack. In his letter, Sharma mentioned that Paytm's next contribution for India's Digital revolution after mobile payments, will be – small mobile credit with high credit quality and fully compliant with the regulators' guidelines. Paytm announced its April-June …

Paytm beats GooglePay and PhonePe, as India's highest revenue earner in financial services and mobile payments
1 year, 7 months ago

Paytm beats GooglePay and PhonePe, as India's highest revenue earner in financial services and mobile payments

India TV News  

Paytm, an Indian fintech giant has reported its financial performance for FY23, where its revenues swelled to Rs 7,991 crore for the fiscal year. To put it into perspective, Paytm's Q4 revenues of Rs 2,334 crore were still ahead of PhonePe's revenues of Rs 1,912 crore for the first nine months of the calendar year 2022. In the fourth quarter, …

How UPI Has Become A Strong Revenue Source For Fintech Pioneer Paytm
1 year, 10 months ago

How UPI Has Become A Strong Revenue Source For Fintech Pioneer Paytm

The Quint  

In the Indian financial ecosystem, Paytm became a trendsetter when it launched its mobile wallet and QR payments almost a decade ago. During the recent earnings call, Paytm Founder and CEO Vijay Shekhar Sharma highlighted that Paytm's focus on merchant payments instead of consumer led UPI payment has created a scalable UPI revenue model in subscription. Sharma also mentioned that …

India records more digital payments than US, UK, Germany & France: Vaishnaw
1 year, 11 months ago

India records more digital payments than US, UK, Germany & France: Vaishnaw

Hindustan Times  

Union minister Ashwini Vaishnaw on Friday said India's digital payments transactions last year exceeded those of the combined digital payments of United States, United Kingdom, Germany and France, ANI reported. "In December 2022, the digital payments transactions amounted to $1.5 trillion annualised basis. If you compare total digital transactions in US, UK, Germany and France and combine them, India's figures …

Online Transactions Worth Rs 36 Trillion Made By Indians In Q2 2022
2 years, 2 months ago

Online Transactions Worth Rs 36 Trillion Made By Indians In Q2 2022

News 18  

India saw 20.57 billion online transactions worth Rs 36.08 trillion in the second quarter this year, a report showed on Tuesday. “UPI P2P accounted for 49 per cent in volume and 67 per cent in value but in terms of merchants’ transactions, UPI P2M emerged as the preferred payment mode with a market share of 34 per cent in volume …

UPI transactions up over 3 per cent at 678 crore in September: NPCI Data
2 years, 2 months ago

UPI transactions up over 3 per cent at 678 crore in September: NPCI Data

India TV News  

UPI transactions grew by over 3 per cent to 6.78 billion in September from a month ago, data from NPCI showed on Saturday. In value terms, 6.78 billion transactions in last month corresponds to transactions worth Rs 11.16 lakh crore, up from Rs 10.73 lakh crore in August, as per the National Payments Corporation of India data. In July, India …

RBI Mulls Addressing Monopoly of PhonePe, Google Pay in UPI Space; Deputy Guv Explains
2 years, 3 months ago

RBI Mulls Addressing Monopoly of PhonePe, Google Pay in UPI Space; Deputy Guv Explains

News 18  

Reserve Bank of India deputy governor T Rabi Sankar on Wednesday said that the central bank was going to find a solution to the problem of payments done on the United Payments Interface getting concentrated on two big players — Google Pay and PhonePe. We are also looking at Europe to see how we can address this issue,” said T …

The widening scope and relevance of Google’s Digitization Fund for India
2 years, 10 months ago

The widening scope and relevance of Google’s Digitization Fund for India

Hindustan Times  

Google’s announcement of a $1 billion investment in Airtel is the latest expansion for the tech giant’s Google for India Digitization Fund. The India focus for Google hasn’t been restricted to just the Digitization Fund for India The focus for this partnership and investment is two pronged – consumers, that’s you and us, as well as push 5G and cloud …

Google Pay down? Several users report issues with UPI payments on Twitter
2 years, 11 months ago

Google Pay down? Several users report issues with UPI payments on Twitter

India Today  

The Unified Payment Interface, the instant payment gateway which is owned and operated by the National Payments Council of India has been unavailable for over an hour. Since the UPI servers went down, several users have taken to social media to report that the UPI server is down and that they are unable to perform any transactions using digital wallets …

From ₹10000 salary to billionaire, Paytm’s Vijay Shekhar Sharma says his dream is…
3 years, 1 month ago

From ₹10000 salary to billionaire, Paytm’s Vijay Shekhar Sharma says his dream is…

Live Mint  

At 27, Vijay Shekhar Sharma was making 10,000 rupees a month, a modest salary that did not help his marriage prospects. "In 2004-05, my father asked me to shut my company and take up a job even if it was for 30,000 rupees," Sharma, who went on to found digital payments firm Paytm in 2010, told Reuters. Born to a …

The other digital divide
3 years, 1 month ago

The other digital divide

The Hindu  

“Your phone is your wallet,” said Bill Gates in 1996. When smartphones and apps took over, Internet banking moved to apps and IMPS transformed into mobile wallets, which was one step removed from your bank account. Pick an app, download and install it on your smartphone, authenticate your SIM through an OTP process, enable your mobile number-linked bank account, and …

Paytm IPO Opens: Should you buy or not? Here's expert advice
3 years, 1 month ago

Paytm IPO Opens: Should you buy or not? Here's expert advice

Hindustan Times  

One 97 Communication Ltd, the parent company of Paytm, has opened subscriptions for the biggest IPO India has seen in its history. Riding on the back of bullish investor sentiment, strong equity market performance and the increasing digital adoption Paytm aims to raise ₹18,300 crore at a band of ₹2,080-2,150, valuing the company at ₹1.39 trillion at the top end. …

Is Paytm worth what its owners are asking for?
3 years, 1 month ago

Is Paytm worth what its owners are asking for?

Live Mint  

Paytm’s initial public offering comes at a time when the frenzy in startup IPOs is showing signs of fatigue. That said, Paytm’s IPO would still get a strong response from investors, and one only has to look at its anchor book list for confidence. Formally known as One97 Communications Ltd, Paytm started as a mobile wallet company and has morphed …

Amazon Pay Later hits 20 lakh customer sign-ups in India
3 years, 5 months ago

Amazon Pay Later hits 20 lakh customer sign-ups in India

The Hindu  

Amazon Pay Later, the credit facility available on the firm’s e-commerce platform, has reached 2 million customer sign-ups since its launch in India, Amazon said in a statement. “Amazon Pay Later provides a seamless payment experience with in-built security features and empowers our customers to better manage their monthly spends,” Vikas Bansal, Director, Amazon Pay India, said in a statement. …

Paytm targeting biggest-ever IPO in India
3 years, 6 months ago

Paytm targeting biggest-ever IPO in India

Live Mint  

Paytm, India’s leading digital payments provider, is aiming to raise about ₹21800 crore in an initial public offering late this year, according to a person familiar with the deal, in what could be the country’s largest debut ever. The startup, backed by investors including Berkshire Hathaway Inc., SoftBank Group Corp. and Ant Group Co., plans to list in India around …

Google Pay UPI payments to use NFC soon in India, but you will need a premium phone
3 years, 7 months ago

Google Pay UPI payments to use NFC soon in India, but you will need a premium phone

India Today  

Google Pay for India is soon adding the option to pay using UPI over an NFC connection. In a support page on its Google Pay website, as pointed out by Android Police, the software giant has explained how you will be able to make UPI payments using NFC. With both the requirements met, your Google Pay app will be able …

PhonePe Continues to Lead UPI Payments Space With 42% Share, Paytm Remains Distant Third
3 years, 9 months ago

PhonePe Continues to Lead UPI Payments Space With 42% Share, Paytm Remains Distant Third

News 18  

Digital payments company PhonePe has said the platform emerged as the largest player on UPI merchant transactions capturing over 42 percent of the overall market share in February 2021. The latest data on the National Payments Corporation of India website shows that the digital payments platform had witnessed over 975.53 million UPI transactions, worth Rs 1.89 lakh crore for the …

Amazon, Google vie for piece of India’s digital payments market
3 years, 9 months ago

Amazon, Google vie for piece of India’s digital payments market

Live Mint  

Technology giants Facebook Inc., Amazon.com Inc. and Google and credit-card providers Visa Inc. and Mastercard Inc. are among those vying for unprecedented access to India’s burgeoning digital retail payments market. In a market where cash is still king, digital payments are quickly gaining ground as India’s 1.3 billion people are starting to embrace online shopping and services such as online …

PhonePe Continues to Lead UPI-Based Payments Market With Over 970mn Transactions in February 2021
3 years, 9 months ago

PhonePe Continues to Lead UPI-Based Payments Market With Over 970mn Transactions in February 2021

News 18  

PhonePe continued to lead the UPI-based digital payments market in India in February 2021, with over 970 million transactions, the company announced earlier today. The National Payments Corporation of India website shows that roughly 2,292 million UPI transactions worth Rs 4,25,062 crores took place in India last month, though the full report is yet to be shared. PhonePe’s domestic rival …

PhonePe clocks 972 million transactions on UPI in February
3 years, 9 months ago

PhonePe clocks 972 million transactions on UPI in February

Live Mint  

Bengaluru: Digital payments firm PhonePe on Monday said it has clocked close to 972 million Unified Payments Interface transactions in February, garnering close to 42% market share on the payment infrastructure. In January, the Bengaluru-based company had retained its market leadership in UPI for the second consecutive month by recording close to 968.7 million transactions and processing ₹1.91 lakh crore …

Paytm Clocks 1.2 Billion Monthly Transactions As Atmanirbhar Digital Bharat Push Reaps Rewards
3 years, 9 months ago

Paytm Clocks 1.2 Billion Monthly Transactions As Atmanirbhar Digital Bharat Push Reaps Rewards

News 18  

Indian digital payments platform Paytm has clocked more than 1.2 billion monthly transactions and says that this 15% month-on-month growth means that the platform recorded the most number of transactions among all digital payments platforms. Paytm says that there has been a steady increase in the number of users who use the platform for digital payments, also availing financial services …

UPI Payments via Google Pay, PhonePe and More May Not Function Properly For Few Days, Here's Why
3 years, 11 months ago

UPI Payments via Google Pay, PhonePe and More May Not Function Properly For Few Days, Here's Why

News 18  

Customers using UPI for online transactions may face errors between 1 AM to 3 AM IST for the next few days as the National Payment Corporation of India is upgrading its digital payment platform. The development essentially means that users who are transacting through the UPI gateway via BHIM or third-party apps such as Google Pay, Paytm and PhonePe may …

PhonePe Finally Overtook Google Pay In UPI Payment Stakes And That Is Crucial As UPI Cap Is Live
3 years, 11 months ago

PhonePe Finally Overtook Google Pay In UPI Payment Stakes And That Is Crucial As UPI Cap Is Live

News 18  

It has been a fairly long battle between digital payment apps Google Pay and PhonePe saw a new winner in December, with PhonePe taking the lead in the monthly UPI transactions. According to the latest numbers by the National Payments Corporation of India, PhonePe clocked 902.03 million user-initiated transactions in December which amounted to a value to Rs 182,126.88 crore. …

UPI recorded 2.23 billion transactions worth Rs 4.16 trillion in December 2020 reports NPCI
3 years, 11 months ago

UPI recorded 2.23 billion transactions worth Rs 4.16 trillion in December 2020 reports NPCI

Firstpost  

Unified Payments Interface or UPI has crossed Rs 4 trillion worth transactions in a month. The digital payments system has recorded 2.23 billion transactions amounting to Rs 4,16,176.21 crore or Rs 4.16 trillion in December 2020, according to NPCI. This is a one percent jump in volume and a 6.4 percent surge in value for UPI from November which had …

Digital Payments Got A Big Push In India This Year And That Included UPI And Credit Cards
3 years, 11 months ago

Digital Payments Got A Big Push In India This Year And That Included UPI And Credit Cards

News 18  

The year 2020, because of the circumstances as they unfolded, gave digital payments the sort of push that couldn’t have been expected in just less than 12 months. Around the same time, digital payments platform PhonePe confirmed that they had now crossed the 250 million user mark, with 100 million monthly active users and clocked 2.3 billion app session in …

US overtakes India in GPay's new users
3 years, 11 months ago

US overtakes India in GPay's new users

The Hindu  

India was overtaken by the U.S. to become Google Pay's largest generator of new users, according to app intelligence firm Apptopia. The Google-owned digital payment platform added nearly three lakh new users in the U.S. in a single day last week, compared to about two lakh new users in India on the same day. Google Pay was launched seven years …

Paytm Payments Bank Relies On Superior Tech To Clock Highest UPI Payments Success Rate In India
4 years ago

Paytm Payments Bank Relies On Superior Tech To Clock Highest UPI Payments Success Rate In India

News 18  

When it comes to successful UPI transactions, mobile payments platform and payments bank Paytm has the hugest success rate. The latest report by the National Payments Corporation of India says that the Paytm Payments Bank has the best tech for UPI payments. Data suggests that the Paytm Payments Bank users have been at the receiving end of the lowest UPI, …

BharatPe topples Google Pay to become 3rd largest player in merchant UPI payment space
4 years ago

BharatPe topples Google Pay to become 3rd largest player in merchant UPI payment space

India TV News  

BharatPe on Tuesday said that it has become the third-largest player in the merchant UPI payment acceptance space. The company, in a statement, said it has been outgrowing the market and has doubled its market share in the UPI P2M merchant payment acceptance category since April 2020. The volume of transactions processed by BharatPe standalone last month is greater than …

EXPLAINED: UPI Transaction Cap For Google Pay, WhatsApp Pay, PhonePe And Others, But Should You Worry?
4 years, 1 month ago

EXPLAINED: UPI Transaction Cap For Google Pay, WhatsApp Pay, PhonePe And Others, But Should You Worry?

News 18  

The digital payments space in India, specifically the UPI payments services, is about to undergo a major shakeup. At this time, PhonePe and Google Pay will be the most impacted, since both players are completing closely with each other with around 40% each of the total UPI transactions. According to the data by the National Payments Corporation of India, the …

PhonePe Now Has 250 Million Users In India And Clocks 835 Million UPI Transactions In October
4 years, 1 month ago

PhonePe Now Has 250 Million Users In India And Clocks 835 Million UPI Transactions In October

News 18  

India’s leading digital payments platform PhonePe has now crossed the 250 million user mark. PhonePe says they saw 835 million UPI transations in October which translates into a market share of more than 40% of the total UPI transactions for the month. This is part of the digitization push that the platform has embarked on which should see 25 million …

Google Pay Is Again Available For iPhone Users In India, But You Must Restore Bank Account For UPI
4 years, 1 month ago

Google Pay Is Again Available For iPhone Users In India, But You Must Restore Bank Account For UPI

News 18  

The Google Pay For India app is back on the Apple App Store. This means the Google Pay For India app can resume the battles with rival digital payment platforms including PhonePe, Paytm and Amazon Pay. It is expected that the fixes for the Google Pay app will improve payment success rates, particularly for the Unified Payments Interface transactions. The …

Google Pay now allows for NFC-based payments in India: Know how it works
4 years, 3 months ago

Google Pay now allows for NFC-based payments in India: Know how it works

India TV News  

Google Pay in collaboration with Visa and banking partners on Monday rolled out tokenisation across its platform, enabling users to safely transact with their cards and use Tap-to-pay feature on near-field communication -enabled point of sale terminals and online merchants. With tokenisation, Google Pay Android users can use their debit or credit card to make payments through a secure digital …

Google Pay Brings NFC-Based Tap-To-Pay Card Payment Service in India
4 years, 3 months ago

Google Pay Brings NFC-Based Tap-To-Pay Card Payment Service in India

News 18  

Google Pay in collaboration with Visa and banking partners on Monday rolled out tokenisation across its platform, enabling users to safely transact with their cards and use the Tap-to-pay feature on near-field communication -enabled point of sale terminals and online merchants. With tokenisation, Google Pay Android users can use their debit or credit card to make payments through a secure …

Paytm grabs 50% share in merchant payments space: Report
4 years, 4 months ago

Paytm grabs 50% share in merchant payments space: Report

India TV News  

Paytm has grabbed 50 per cent share in the payments to merchants segment in India and the financial services platform has emerged as the most integrated payments provider in the fintech space, a new report said on Monday. When asked from which payments app do you accept payments, over 68 per cent of merchants cited Paytm," the findings showed. According …

Google reveals Google Pay users contributed over Rs 124 crore to PM Cares Fund
4 years, 5 months ago

Google reveals Google Pay users contributed over Rs 124 crore to PM Cares Fund

India Today  

Google Monday revealed the total donation made to the PM Cares Fund via Google Pay app stands at a whopping Rs 124 crore via more than 2 million transactions. At the Google for India 2020 event, which was held online-only for the first time in the past six years, Google India country head and vice president, Sanjay Gupta said people …

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