PhonePe has surfaced as the top unified payments interface (UPI) application for the month of December followed by Google Pay.
The Walmart-backed PhonePe saw 90.2 crore transactions worth Rs 1.82 lakh crore, while Google Pay witnessed 85.45 crore transactions for Rs 1.76 lakh crore, according to data by National Payments Corporation of India (NPCI).
Google Pay's transaction volume plummeted by 11% in December, compared to November.
The two apps together account for more than 78 percent of the UPI market in terms of volume of transactions and 86 percent of market by value of transactions in December.
Paytm Payments Bank app is behind PhonePe and Google Pay, with 25.64 crore transactions by volume in December worth Rs 31,291.83 crore.
Other third-party app providers, such as Amazon Pay, processed 4.05 crore transactions worth Rs 3,508.93 crore, while NPCI's BHIM app processed 2.48 crore transactions worth Rs 7,748.29 crore.
UPI handled 223 crore transactions worth Rs 4.16 lakh crore in December- a record both in terms of volume and value. It breached the 200 crore mark for the third straight month.
The NPCI has recently imposed a 30 percent cap on third party apps on total volume transactions processed via UPI, effective January 1, 2021.
However, the existing third-party app providers processing over 30 per cent transactions will have a period of two years from January 2021, to comply with the same in a phased manner