Tech
IPO-bound PhonePe, Google Pay maintain UPI ecosystem dominance in May
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Digital payments majors PhonePe and Google Pay continued to dominate the Unified Payments Interface (UPI) ecosystem in May, holding significant market shares in terms of both volumes and value, according to data from the National Payments Corporation of India (NPCI).
On its way to listing on the Indian exchanges, PhonePe cornered half the UPI market last month. The fintech saw Rs 12.56 lakh crore change hands in 8.7 billion transactions, accounting for 50% and 47% of the overall UPI value and volume during the period.
Google Pay logged over 6.7 billion…
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