Indians have very conveniently adapted to Unified Payments Interface or UPI payment mode. This digital payment system has completely changed the way of online transactions. Previously, direct bank transfer methods such as NEFT, RTGS etc. were the only ways to transfer payments, irrespective of the amount size. But they were not easy to perform, they were lengthy and consumed a lot of time. However, when the Government introduced UPI, they completely reshaped India’s digital payment system. Now the number of UPI transactions bounces in billions on a monthly basis. But it doesn’t mean that NEFT or RTGS have been dropped by the Government. They are being used for large-size transactions and UPI is being preferred for transactions below ₹50,000 very frequently. There is also another factor because UPI is so famous and that is easy to use mobile payment apps like GPay, PhonePe, Paytm, Cred Pay etc. So out of curiosity, we will discuss how many shares each of these UPI payment applications have.
Shares Of Famous UPI-Based Online Payment Apps
In India, currently, there are four UPI payment apps which are in play- PhonePe, Google Pay, Paytm, and CRED Pay.
As per the data released by the National Payments Corporation of India (UPI), PhonePe has captured the highest share of the UPI market with a 49 per cent ratio in October. Next in line is Google Pay with a 39 per cent market share, Paytm with 11 per cent and CRED Pay with 1.8 per cent and all the others like Amazon Pay, WhatsApp, and banking apps have a 3.5 per cent share.
UPI In Overseas Market
Currently, UPI is accepted in Nepal and Bhutan, our neighbours, and as per media reports, the UPI payment system will soon be accepted in Singapore. Moreover, a technical approach has already been made to make UPI active overseas soon.
The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS), both countries’ regulators, are working to make the service live.