Last Updated on 22/11/2021 by Riya
The transaction statistics for the online transaction system UPI (UPI) for July 2021 have recently been disclosed. The PhonePe application has climbed to the forefront of this chart of India’s most popular Unified Payment Interface application. In July 2021, the PhonePe app was used to transact 1.4 billion payments, currently has a market share of around 46%. In this ranking, Google Pay appears to be falling behind.
As per figures issued by the National Payments Corporation of India, the PhonePe application processed Rs 2,88,572 crore during transactions in July 2021. Google Pay is the second most popular payment system following PhonePe. Based on July 2021 data, the Google Pay application has been used to make payments worth Rs 2,30,874 crore. Google Pay does have a share in the market of roughly 34.35 %. On the other hand, the Paytm Payment Transfers Bank application was used to make 387.06 million payments, worth Rs 46,406 crore. Paytm Payments Bank had a market share of roughly 14% throughout this timespan.
PhonePe transactions increased by roughly 15% in July 2021 in comparison to the prior month’s transactions. Meanwhile, Google Pay has grown by approximately 5%, and Paytm Payment Bank has grown by nearly 18.50 percent.Based on NPCI standards, following payment apps such as PhonePe and Google Pay have a total market share of 30%.Overall UPI payments in July 2021 were approximately 3,247.82 million, breaking the 6 lakh crore record for the very first time.