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Google Pay on track to meet NPCI’s 30% market share limit
Pratik Bhakta
Pratik Bhakta
As UPI rapidly becomes the default merchant payment app in the country, eclipsing debit and credit card transactions, PhonePe gains at Google Pay’s expense
April 13, 2021
3 MINS READ{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.
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