UPI, India’s largest bank, built a payment infrastructure that traded more than 2 billion transactions last month, compared with a 1 billion monthly milestone a year ago,media TechCrunch reported. The UPI deal was driven by Wal-Mart’s PhonePe, Google Pay, Paytm and Amazon Pay. UPI is now India’s most popular digital payment method because of its open architecture, allowing all participating payment applications to interoperable.
PhonePe created 835 million UPI deals in October, while Google Pay had about 820 million, according to people familiar with the matter. Paytm has about 245 million transactions and Amazon Pay about 125 million.
PhonePe confirmed in a statement that it had taken a market lead of about 40 percent of UPI’s deals last month. Neither Google nor Paytm immediately responded to requests for comment.
TechCrunch is unable to determine how many independent monthly trading users these payment companies have accumulated in the United States. In May, Google Pay had about 75 million trading users, surpassing the 60 million on the PhonePe and 30 million on Paytm.
Unlike Google Pay, both Paytm and PhonePe operate a wallet service that is not provided by UPI. PhonePe said it processed a total of 925 million transactions last month, with more than 100 million monthly active users.
PhonePe transactions have also recently surged as more offline stores open and merchants and consumers have chosen a digital approach to complete transactions. The app also adds a range of financing services, including 600,000 policies.
Credit Suisse estimates that India’s mobile payment market will reach $1 trillion by 2023. More players are expected to join in. Like WhatsApp, which has more than 400 million users in India, for example, the company began testing UPI payments on its apps in 2018. Yet the company remains trapped in a regulatory maze, which prevents it from rolling out WhatsApp Pay to most of its users in India.