Google Pay leads UPI transaction value leaving Phonepe, PayTm
Google Pay reportedly taken the number one position in the terms of UPI transaction value in India. However, Paytm reminded the leader in terms of transaction volumes. App services offering UPI transaction, grabbing the lion’s share of transaction has become a priority for service like PayTm, PhonePe, Google Pay, BHIM etc.
As per reports of ET, Google Pay clocked payments worth Rs 43,000 to Rs 45,000 crore in March. That make a margin of around 25 per cent ahead of PhonePe and PayTm.
In Feb, UPI recorded around 800 million transactions worth Rs 1,33,460.72 crore. Google Pay also close to the PayTm in terms of Volume and way ahead of the Paytm in terms of value.
Google Pay, PhonePe and PayTm, now process roughly 80-90 per of UPI transactions across the country. Each of the payments services clocked 221-225 million transaction in March out of total 799.54 million. Total Value of transaction of UPI is estimated at Rs 1.3 lakh crore in March. This is over 5 times the value during the same period in 2018.
Till Now, Google pay accepted over 2,000 online merchants such as foodtech, travel, movie/event tickets, and more. Google Pay spend more than $12-15 million to gather more users. Cashback offers are certainly playing a main role.
Google pay also focus on targeting its arch rivals through wealth management products like digital gold buying.
Google has partnered with Pine Labs to boost its offline transaction where PhonePe is the market leader. The collaboration with Pines Labs will give access to over 3,30,000 point of sale terminals in over 3000 towns. For more info Click