Paytm has held its position in the Unified Payments Interface (UPI) market, securing over 8% of total UPI transactions for May and June 2024. The company processed 1.1 billion transactions and Rs 1.2 trillion worth of UPI transactions each month, according to data from Entrackr.
As a Third-Party Application Provider (TPAP) since March, Paytm remains the third-largest UPI player, following PhonePe and Google Pay. Despite overall market fluctuations, Paytm's robust merchant network and partnerships with major banks like Axis, HDFC, SBI, and YES Bank have bolstered its performance.
In June, UPI transactions saw a slight dip of 1% to 13.9 billion, with the transaction value reducing marginally to Rs 20.07 lakh crore from Rs 20.45 lakh crore in May. The breakdown for PhonePe and Google Pay's market share in June is pending, but they held 48.6% and 37% respectively in May.
NPCI may review the 30% market share cap for third-party UPI apps like PhonePe and Google Pay, potentially impacting future market dynamics.
Key Points:
- Paytm retained over 8% UPI market share in May and June 2024.
- Processed 1.1 billion transactions and Rs 1.2 trillion monthly.
- Third-largest UPI player after PhonePe and Google Pay.
- Maintained strong presence in peer-to-merchant (P2M) segment.
- Slight overall decline in UPI transactions and value in June.
Paytm’s consistent performance amidst a competitive UPI landscape underscores its strategic partnerships and expansive merchant network.
