With Unified Payments Interface ( UPI ) transactions in the country hitting close to 2.2 billion in the month of November, Google Pay continued to hold its dominant position recording 960 million transactions on its app, while garnering close to 43.4% of UPI market share, showed data from National Payments Corporation of India ( NPCI ). In comparison, between October to November, Google Pay also added close to 100 million transactions to its platform. Other prominent platforms included - Paytm Payments Bank closing 260 million transactions, clocking almost 11.7% market share and Amazon Pay registering close to 37.15 million transactions, last month. The top three players, including Google Pay, PhonePe, and Paytm command over 94% market share in UPI, at present. This move has been heavily criticised by market leaders Google Pay and PhonePe which believed that the cap is against the ‘free market’ principles of UPI, and can hinder the growth of the payment infrastructure in the country.

Source: Mint December 07, 2020 17:15 UTC