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UPI Market Shifts: Jio, Navi, And Axis Bank Rise As PhonePe And Google Pay Slip

UPI Payments
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The percentage of total transactions handled through India’s Unified Payments Interface (UPI) declined slightly in June for Google Pay, a subsidiary of Alphabet Inc., and PhonePe, a division of Walmart Inc. The National Payments Corporation of India (NPCI) reported that while Google Pay’s market share decreased to 36.76% from 37.18% in May, PhonePe’s fell to 48.37%.

 

Emergence Of New Entities in the UPI Market

Digital UPI Payments Transaction India
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New firms have entered the UPI ecosystem, upending PhonePe and Google Pay’s hegemony, which together account for more than 80% of the industry. The Indian market for digital payments is changing as a result of this flood of competitors.

  • Apps from Axis Bank Ltd.: In June, 75 million UPI transactions were made on Axis Bank’s apps, a 17% increase.
  • Navi App: In just one month, 35.7 million transactions were processed through the Navi app, a 20% increase.
  • Super.Money from Flipkart: PhonePe’s sibling firm, Flipkart, is an Indian e-commerce company that recently introduced its super.money UPI payments service.
  • JioFinancial Services: With its JioFinance app, Mukesh Ambani’s Jio Financial Services joined the UPI market to take advantage of India’s expanding fintech sector.

 

Volume of UPI Transactions

UPI Payments Recover Money
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13.88 billion transactions were processed on the UPI network in June, a 1% decrease from the same month the last month. New entrants are gradually boosting their financial transaction volumes despite this minor average decline, suggesting a change in consumer preferences and the dynamics of the market.

 

Paytm Holds Steady At 8% Market Share Despite Regulatory Setbacks

Paytm Pai Platforms
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In June, Paytm maintained the same 8% market share as the previous month in spite of regulatory obstacles. Paytm experienced a major regulatory setback earlier this year. The Reserve Bank of India demanded the nearly complete shutdown of its banking affiliate. As a result, the company’s net loss for the fiscal first quarter ended in June more than doubled to 8.39 billion rupees ($100 million).

 

In A Nutshell

Google Pay Discontinue US
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New entrants are slowly chipping away at the market shares of long-standing strongholds like PhonePe and Google Pay, changing the UPI payments landscape in India. Consumer services will be enhanced through innovations as a result of increased competition brought about by these new competitors. To keep their lead in this quickly evolving ecosystem, established businesses will need to think ahead and act creatively.

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Kavya Bisht
the authorKavya Bisht
I am a young aspiring writer currently exploring my versions at DU. Debating, manipulation, logic and communication are what excite me. Speaking facts with the correct words and manipulation is a skill, not very common, that can be found in me. The strengths I hold say a lot about me. 'Bibliophile' would be a good term to describe me.