{The Crux brings you crisp and incisive analysis on the developments that matter. It’s a free read.}

Google Pay stands out among the major UPI apps for the sharp slowing in its growth rate. Between December and March, transactions originating on the app increased just 12%, Google Pay’s slowest pace since it began operations in 2017 to enable real-time bank transactions on smartphones through the Unified Payments Interface.

PhonePe grew at 25% between November and March, becoming the largest UPI app by market share. Amazon Pay grew at 40% in this period, but has a miniscule share of all UPI transactions. Paytm grew at 32%, as per the latest data released by the National Payments Corporation of India.