In April 2023, the Indian digital payments industry was still controlled by only three competitors, with PhonePe, Google Pay, and Paytm accounting for roughly 97 per cent of UPI transactions.
According to National Payments Corporation of India (NPCI) data, the top three applications processed 862.54 crore transactions last month.
In terms of transaction value, the three firms processed transactions of Rs 3.39 lakh crore last month, accounting for 95 per cent of the market.
In March 2023, PhonePe, Google Pay, and Paytm collectively processed 841.91 crore transactions totaling Rs 13.44 lakh crore.
In April, UPI processed 889.81 crore transactions worth Rs 14.07 lakh crore. While the transaction count increased by 2.45 per cent month on month (MoM), the transaction value decreased by 0.24 per cent as compared to March 2023.
Walmart-backed PhonePe remained the largest digital payments player, accounting for 421.6 crore transactions worth Rs 7.10 lakh crore last month. It possessed 50.47 per cent of the market in terms of transaction value and 47.39 per cent of the market in terms of transaction count.
P2P transactions accounted for 77 per cent of overall UPI transaction value and 43 per cent of total transaction count. The majority of P2P transactions were above Rs 2,000, with sub-Rs 500 payments accounting for only 3.21 per cent of the total amount.
P2M transactions, on the other hand, accounted for 22 per cent of total value and 56 per cent of total payment count.
UPI payments for groceries, supermarkets, and restaurants, as well as telecommunication services and games, emerged as the highest transacting categories, while utilities and online marketplaces were classified as medium transacting.