Google Pay has reportedly taken the number one position in terms of UPI value transactions in India for March 2019, while rival Paytm remained the leader in terms of transaction volumes. Google Pay clocked payments worth Rs 43,000-Rs 45,000 crore in March, according to two industry executives, reports ET. This makes a margin of around 25 percent ahead of PhonePe and Paytm.
On the other hand, both PhonePe and Paytm reportedly managed transactions worth Rs 31,000-32,000 crore each, but the PhonePe was marginally ahead on the second position and Paytm is said to be on 3rd.
“Google has taken a strong lead of 20-25% over PhonePe and Paytm as they continue to heavily incentivize P2P (peer-to-peer) payments here. Paytm, due to its e-wallet business, still sees a relatively smaller value of transactions among its users. With merchant acceptance growing further on UPI, the average transaction size and overall volumes will be an interesting mix that might see a change,” ET report quoted a person aware of the UPI transaction metrics.
The total value of transactions on UPI (Unified Payments Interface) is estimated at around Rs 1.3 lakh crore in March 2019. This is over 5 times the value during the same period in 2018, which reportedly saw 178 million transactions worth over Rs 24,000 crore.
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Despite losing at transaction value to Google Pay and Flipkart-owned PhonePe, the Vijay Shekhar Sharma company, Paytm, continues to be ahead of both UPI platforms in terms of volumes. As per the report, Google Pay, PhonePe and Paytm, which now process 80-90 percent of UPI transactions, clocked 221-225 million transactions each in March out of the total 800 million.