UPI Market Share in India | Phonepe, GPay, and Paytm Hold 95% Market

UPI transactions emerged as the most preferred payment modes, PhonePe, Google Pay, and Paytm hold 95% of the market share in India. Recently UPI transactions crossed the 6bn mark according to data shared by the National Payments Corporation of India (NPCI).

PhonePe – 48.5%

Founded in 2015 parent company Flipkart, headquarter in Bengaluru

Google Pay – 34%

Initial release in 2018 developed by Google

Paytm Payments Bank – 10.5%

Founded in 2010 by Vijay Shekhar Sharma, headquarter in Noida

Cred – 1.7%

Founded in 2018 by Kunal Shah, headquarter in Bangalore

Yes Bank – 1.5%

Yes Pay launched in 2017 a digital mobile wallet from Yes Bank

ICICI Bank – 1%

ICICI Pockets a digital wallet launched in 2015 by ICICI Bank

BHIM – 0.7%

Bharat Interface for Money (BHIM) was released in 2016 by NPCI based on UPI

Amazon Pay – 0.6%

The online payment processing service owned by Amazon launched in 2019 in India

HDFC Bank – 0.5%

PayZaap launched in 2015 by HDFC bank

KMB – 0.2%

Allpay is a payment gateway for your website/mobile apps by Kotak Mahindra Bank

SBI – 0.2%

YONO digital banking platform launched in 2017 by the State Bank of India

Others – 0.9%

Others include Mobikwik, Airtel Money, Freecharge, WhatsApp pay, etc.