UPI, a four-year-old payment infrastructure built by India's largest banks, exceeded 2 billion transactions last month exactly one year after reaching the 1 billion monthly transaction milestone.
Walmart is driving transactions for UPI, which has become the most popular digital payment method in India thanks to its open architecture that enables interoperability between all participating payment applications PhonePe, Google Pay, Paytm, and Amazon Pay.
However, for the first time in more than a year, Google Pay didn't get the largest volume of UPI transactions. PhonePe recorded 835 million UPI transactions in October, while Google Pay hit around 820 million, according to people familiar with the matter.
Paytm recorded around 245 million transactions, while Amazon Pay populated with about 125 million, people said.
In a statement, PhonePe confirmed that it was in the "market leading position" with around 40% of all UPI transactions last month. Google and Paytm did not immediately respond to a request for comment.
. has been unable to determine how many unique monthly transaction users these payment companies have amassed in the country. In May, Google Pay had around 75 million transaction users, up from 60 million PhonePe and 30 million Paytm.
In contrast to Google Pay, both Paytm and PhonePe also operate a wallet service. The wallet service is not operated by UPI. PhonePe said it processed 925 million transactions in total last month and had over 100 million active users monthly.
PhonePe has seen a surge in its transactions lately as more and more offline stores have opened and merchants and consumers choose a digital alternative for completing transactions. The app has also added a number of funding services, including 600,000 insurance policies.
“Our mission is to make digital payments a lifestyle for every Indian citizen. Our next goal is to reach 500 million registered users by December 2022. In line with our brand ethos “Card Yes. Badhte Ja, & # 39; (Hindi for keep working and growing) we continue to introduce new and innovative products for all strata of Indian society and enable digital payments to be accepted at every merchant in every village and town in India, "said Sameer Nigam . PhonePe CEO and Founder, in a statement.
According to Credit Suisse, the Indian mobile payments market is estimated at $ 1 trillion by 2023. More players are expected to participate in the race. WhatsApp, which has over 400 million users in India, started testing UPI payments for its app in 2018. However, it remains stuck in a regulatory maze that has prevented it from delivering WhatsApp Pay to most of its users in the country.