In the rapidly expanding realm of digital payments, PhonePe, owned by Walmart, has emerged as the undisputed leader in UPI payments for June 2023. According to recent data by NPCI, PhonePe processed a staggering 446.14 Crore UPI transactions, amounting to a massive value of INR 7.46 Lakh Crore during the said period.
The fintech decacorn, exhibited a remarkable performance, accounting for 47.79% of UPI transactions by volume and a significant 50.53% of UPI transactions by value. The remarkable feat is further complemented by the fact that PhonePe has raised a substantial $850 Million in investments thus far in 2023.
Not far behind, Google Pay claimed the second spot by processing 326.68 Crore transactions, valued at INR 4.94 Lakh Crore, amounting to 35% of the total UPI transactions. While Paytm occupied the third position, conducting 130.75 Crore transactions, worth INR 1.62 Lakh Crore during the same period.
One of the most noteworthy highlights of June 2023 was CRED’s exceptional performance. For the second consecutive month, the fintech unicorn, helmed by Kunal Shah, clinched the fourth spot in both UPI transaction count and value. CRED processed 7.39 Crore transactions worth a staggering INR 26,431.80 Crore, surpassing the likes of Amazon Pay.
In addition to the established players, the foodtech giant Zomato also joined the UPI space in May 2023. In the very first month of its UPI product launch, Zomato recorded around 10,000 transactions, totaling INR 1.7 Crore. However, Zomato has temporarily suspended onboarding customers to Zomato Pay, with plans to resume the process by the end of July, as confirmed by a spokesperson.
Bharat Interface for Money (BHIM), the UPI payments app developed by the National Payments Corporation of India (NPCI), processed 2.31 Crore transactions worth INR 7,289 Crore, outperforming TataNeu and WhatsApp Pay.
Despite the impressive numbers achieved collectively by the top players, UPI witnessed a minor 0.9% month-on-month fall in June 2023. The month witnessed over 933 Crore transactions amounting to INR 14.75 Lakh Crore in total. This translates to an average of 311 Million UPI transactions per day, falling short of the NPCI’s target of achieving 1 Billion daily UPI transactions by 2025.
As the digital payment landscape continues to evolve, industry observers are keeping a keen eye on the rise and fall of these fintech giants and their endeavors to attract an ever-expanding user base.
