PhonePe is the leader in mobile payments in India with 44% market share, far surpassing Google Pay

India can be said to be the country most similar to China in terms of mobile payment. However, unlike China, where WeChat and Alipay dominate the mobile payment market, India's mobile payment market is currently in the Spring and Autumn Period and the Warring States Period.

Several companies such as GooglePay, Paytm, Amazon Pay and PhonePe dominate the mainstream. Among them, PhonePe is the most commonly used mobile payment software in India and has long occupied the first place in the TOP list of payment software .

PhonePe continues to dominate India's Unified Payments Interface or UPI ecosystem since December last year . With a market share of 43.91%, the company had left Google Pay with a notable gap of 9% in March . Google Pay's market share was 35% last month .

According to data released by NPCI , PhonePe processed 1,199.51 million transactions worth Rs 23,141.233 crore through UPI ( Unified Payment Interface ) in March, followed by Google Pay with 957.01 million transactions worth Rs 20,118.514 crore. Paytm was the third largest player in UPI , recording 349.90 million transactions worth Rs 38,653.06 crore in March .

Overall , UPI registered 2,731.68 million transactions worth Rs 5.04 trillion in March .

This is also the first time that a single UPI-enabled payments app has crossed the 1 billion mark since UPI was launched in 2016. In February, PhonePe recorded 975.53 million transactions worth Rs 1.896 trillion , while Google Pay processed 828.6 million transactions worth Rs 1.745 trillion .

While Google Pay competes primarily with PhonePe and Paytm in UPI, the two Indian companies have also built networks of other payment tools, including wallets, card payments and online banking. In March, PhonePe claimed to have recorded 1.3 billion transactions across all its payment methods, while Paytm said it had exceeded 1.4 billion transactions.

Last month, NPCI issued a standard operating procedure for all third-party apps , saying it would alert payment platforms if their apps hit a 30% threshold. NPCI's cap is effective from January 1, 2021, however, existing operators like Google Pay and PhonePe will get an extension of six months or more to comply with the new rules.

With the rapid development of mobile payments in India, Indian e-commerce will also develop better.

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