With a number of Wallet and app services now offering UPI transactions, grabbing the lion’s share of transactions (both in terms of volumes and value) has become a priority for services like Paytm, PhonePe, Google Pay, BHIM and other UPI-enabled payments apps.
As per a report by the Economic Times, Google Pay happens to be at pole position right now, in terms of transaction value by a margin of around 25 percent. However, if one looks at transaction volumes, it is Paytm that is ahead of the pack, followed closely by PhonePe and Google Pay.
As per sources close the publication, people used Google Pay to transfer payments worth Rs 43,000-45,000 crores in March, while Paytm and PhonePe dealt with transactions worth Rs 31,000-32,000 crore. That does happen to be a sizeable gap and as per BharatPe, a payments company that helps smaller merchants, Google Pay’s average transaction value is higher by a steady 50 percent compared to PhonePeand Paytm.
This does somewhat show that Google Pay is considered to be more trustworthy by Indians when it comes to transacting larger sums of money.
When looking at the sheer number of transactions, 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 transactions in March out of the total 799.54 million.
Google Pay’s rise to popularity has been significant considering the service is relatively smaller when compared to Paytm and PhonePe. Google Pay also now claims that the service has about 45 million monthly active users.
The cashback offers are certainly playing a role here, the report claims, as Google is estimated to be pumping in $12-15 million on a monthly basis for its domestic payments business.