According to recent data released by the National Payments Corporation of India (NPCI), Google Pay was the most-used unified payments interface (UPI) application in November 2020. The app recorded 960 million transactions worth Rs 1.61 trillion and held a market share of over 43 per cent. Google Pay was followed by PhonePe which saw 868 million transactions on its platform worth Rs 1.75 trillion.
These applications together processed nearly 82 per cent of the overall volumes on UPI.
Meanwhile, Paytm and Amazon Pay processed 260 million and 37 million payments, respectively.
Further, WhatsApp Pay, which recently got the approval for full-fledged launch, processed 0.31 million transactions worth Rs 130 million.
As per the data, a total of 2.2 billion transactions worth Rs 3.91 trillion were processed on UPI in November 2020.
As per new NPCI guidelines, both PhonePe and Google Pay would have to reduce their market-share to less than 30 per cent by the end of 2021. However, for other players, these limits would kick in from January 2021.
