PhonePe, Google Pay Cede Online Payment Share to New Entrants
The UPI payments space has seen an influx of new players in recent times.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
Walmart Inc.-owned PhonePe and Alphabet Inc.’s Google Pay saw a marginal decline in their share of total transactions processed through India’s unified payments interface in June as smaller players gained traction.
PhonePe’s share in total UPI transactions dropped to 48.37% from 48.67% in May. Google Pay’s portion shrunk to 36.76% from 37.18% in the previous month, according to data released by the National Payments Corporation of India. Overall, the UPI network processed 13.88 billion transactions in June, a 1% drop over the prior month.