PhonePe retains top position with 42% UPI market share in January

 In January, on a month-on-month (MoM) basis, PhonePe saw its transactions go up by a little over 7 percent and their value nearly 5 percent

Walmart-backed PhonePe has, once again, emerged as the top Unified Payment Interface (UPI) app in January, with 968.72 million transactions worth Rs 1.91 trillion, accounting for 42 percent of the UPI market alone, the data put out by National Payments Corporation of India (NPCI) shows.

In January, on a month-on-month (MoM) basis, PhonePe saw its transactions go up by a little over 7 percent and their value nearly 5 percent. This is the second time in a row that PhonePe has bagged top position.

In December, PhonePe saw 902.03 million transactions, worth Rs 1.82 trillion, happening on its platform. PhonePe is followed by Google Pay with 853.53 million transactions amounting to Rs 1.77 trillion, accounting for almost 37 per cent of the UPI market in terms of volumes. Together, these apps control 79.13 per cent market share in terms of volumes and more than 85 per cent market share in terms of value.

In December, they accounted for more than 78 per cent in volumes, and 86 percent by value. They were more than 82 per cent by volumes and more than 86 per cent by value in November.

WhatsApp, the new entrant expected to be a big disruptor, has failed to show any pickup in transaction volumes and value, so far.