Google Pay has bagged the top position on the Unified Payments Interface (UPI) platform in terms of transactions value in India. Paytm, on the other hand, is leading the segment in terms of transaction volumes, followed by PhonePe and Google Pay.
Google Pay touched payments worth INR 43,000 crore to INR 45,000 crore in March 2019, While Phonepe and Paytm witnessed transactions worth INR 31,000 crore and INR 32,000 crore respectively.
On the volumes front, Paytm continues to lead the UPI segment by a little margin. Google Pay, PhonePe and Paytm now process 80-90 per cent of UPI transactions in India and touched 221-225 million transactions in the month of March alone this year.
“Google has taken a strong lead of 20-25% over PhonePe and Paytm as they continue to heavily incentivise P2P (peer-to-peer) payments here. Paytm, due to its e-wallet business, still sees a relatively smaller value of transactions among its users. With merchant acceptance growing further on UPI, the average transaction size and overall volumes will be an interesting mix that might see a change,” said a person aware of the development.
As per industry sources, Google is shelling out $12-15 million on a monthly basis in India on its domestic payments business. To encourage users to send and receive money, it offers scratch cards for every funds transfer.
