According to information provided by the National Payments Corporation of India (NPCI), PhonePe, the Walmart-owned digital payments platform, has outperformed Google Pay. consistent with updates, PhonePe has become the leading Unified Payment Interface (UPI) app in December. PhonePe has also processed 902.03 million transactions representing a complete of Rs 1.82,126.88 crore, consistent with the newest data released by the NPCI.
On the opposite hand, Google Pay has fallen to the second position with 854.49 million transactions worth 1.76,199.33 crore. especially, both represent quite 78 percent of the entire of two ,234.16 million UPI transactions in December. The NPCI stated that the 2 apps also captured quite 86 percent of UPI’s total transaction volume of Rs 4,16,176.21 crore.
PhonePe and GooglePay — the 2 top digital payments applications — account for quite 78% of the UPI market in terms of volume of transaction in December, the info showed. Both captured over 86% of the general UPI transaction volume of ₹4.16 trillion.
Paytm Payments Bank appeared because the third after PhonePe and Google Pay and recorded 256.36 million transactions worth ₹ 312.9183 billion in December, according to data from NPCI and AmazonPay and the BHIM application ranked fourth and fifth among the largest UPI applications in terms of transaction volume…
Amazon Pay initiated 40.53 million transactions worth ₹35.08 billion, while BHIM recorded 24.80 million transactions worth ₹77.48 billion in December, consistent with NCPI data.
WhatsApp Pay, the new entrant within the market resulted 810,000 transactions worth ₹297.2 million in December.
Below check commonly asked questions on UPI
What is the limit of a payment transfer using PhonePe?
it will transfer funds from your PhonePe KYC wallet to any checking account of a pre-registered beneficiary. just in case of such pre-registered beneficiaries, the funds transfer limit shall not exceed Rs. 1,00,000/- per month per beneficiary
What is the maximum amount sent by Google pay?
You may reach a daily limit if: you are trying to send quite ₹1,00,000 in at some point across all UPI apps. you are trying to send money quite 10 times in at some point across all UPI apps
How do I link my checking account to my UPI account?
Go to checking account section, and tap on the ” Add New Bank ” button. Select the bank which you would like to link with PhonePe from the list of obtainable banks. PhonePe will fetch your account details in a moment and can link it to your account. proceed to line up UPI PIN by tapping on the set UPI PIN button
What is the difference between Bhim and UPI?
UPI is that the platform, while BHIM can be a separate mobile wallet app, almost like Paytm, Mobikwik, Freecharge, etc. Coming to the BHIM app, it is a unified app supported UPI which may be synced to any of the UPI-enabled bank accounts. However, just one UPI-enabled account are often added to BHIM and not multiple.