PhonePe Beats Google Pay: PhonePe has beaten GooglePay in the case of Unified Payments Interface (UPI) app. According to data released by the National Payments Corporation of India (NPCI), in the month of December, 90.20 crore transactions were done through PhonePe and through this transaction of 1 lakh 82 thousand crore rupees. According to (NPCI) data, there were a record over 223 crore transactions through UPI in December. Through this, more than 4 lakh 16 thousand crore rupees were transacted.
1 Lakh 76 Thousand Crore Rupees Transactions From Google Pay
In December, 85.44 crore transactions were done with GooglePay and a total transaction of 1 lakh 76 thousand crore was done through it. 96 million transactions were done through GooglePay in November, up 11% over December. 86.84 crore transactions were done through PhonePe in November. PhonePe Beats Google Pay.
More Than 221 Crore Transactions were Done Through UPI In November
According to NPCI data, there were a record 221 crore transactions through UPI in November. Through this, more than 3 lakh 90 thousand crore rupees were transacted. At the same time, there were about 210 transactions in October. More than 3 lakh 86 thousand crore rupees were transacted through these transactions.
Google and PhonePe Occupy 78% of UPI Market
Google and PhonePe app have captured the UPI market. They both accounted for 78% of the total UPI transactions in December. At the same time, they accounted for 86% of the transactions done through UPI.
It will be Difficult for Companies Providing UPI Payments
Since this rule of completely removing UPI interchange fees from all types of UPI merchant transactions has been implemented from 1 January 2020, it is not yet clear that the fees collected so far will be recovered. or not. After this step, it can be difficult for third party companies like Google Pay, Phone Pay and Amazon Pay to make money.
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These companies used to earn from about 0.30 paise to 0.35 paise on every domestic merchant transaction. It will also have to be seen that what will be the way for these companies to raise revenue in the future so that they can stay in the market.