PhonePe, Google Pay cede online payment share to new entrants
PhonePe and Alphabet Inc.’s Google Pay saw a marginal decline in their share of total transactions processed through India’s unified payments interface in June as smaller players gained traction.
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PhonePe’s share in total UPI transactions dropped to 48.37% from 48.67% in May. Google Pay’s portion shrunk to 36.76% from 37.18% in the previous month, according to data released by the National Payments Corporation of India. Overall, the UPI network processed 13.88 billion transactions in June, a 1% drop over the prior month.
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The UPI payments space has seen an influx of new players in recent times. The entrants are challenging the dominance of PhonePe and Google Pay, which control more than 80% share of the market.
For instance, UPI transactions on Axis Bank Ltd.’s apps grew 17% to 75 million in June, while the Navi app saw a 20% increase to 35.7 million transactions. Additionally, Flipkart, the Indian
