Making online payments has become very easy these days. From buying vegetables and shopping to paying electricity bills, people use UPI to transfer money instantly. Amidst the rising use of digital payments, apps like PhonePe, Google Pay, and Paytm have become extremely popular. Consequently, many people are interested in knowing which of these three is used the most and what their respective market shares are.
According to current data, PhonePe leads the market among UPI payment apps, while Google Pay holds the second spot and Paytm the third. Notably, the combined market share of PhonePe and Google Pay stands at approximately 77.9%, whereas the market share of other apps is significantly lower in comparison.
Which app is leading in UPI payments?
- PhonePe: Holds the top spot with a 45.6% market share.
- Google Pay: Ranks second with a 32.3% share.
- Paytm: Ranks third with an 8% market share.
- Navi: Ranks fourth with a 4.4% share.
- Supermoney: Has a market share of 1.7%.
- BHIM: Features on the list with a 1% market share.
- FamApp: Has a share of 0.9%.
- WhatsApp Pay: Has a market share of 0.7%.
- CRED: Has a share of 0.6%.
- Axis Bank App: Also has a market share of 0.6%.
Why did Paytm's position come as a surprise?
Paytm ranks third on this list of UPI payment apps. It holds an 8% market share, whereas PhonePe and Google Pay are far ahead, with a combined market share of approximately 77.9%. These figures demonstrate the strong dominance these two companies hold over the UPI app market.
What is the new MDR rule for UPI payments?
Plans to implement the Merchant Discount Rate (MDR) on UPI transactions are also making headlines. While the UPI MDR was scheduled to come into effect on October 15, the National Payments Corporation of India (NPCI) has deferred the decision to apply MDR on select UPI transactions until after Diwali. Stakeholders will be informed of the new date later.
The NPCI had announced the UPI MDR framework on September 15, proposing a 0.4% charge on select UPI merchant payments exceeding ₹2,000, with a maximum cap of ₹300 per transaction.
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