Google Pay Beats Paytm, Turns into #1 Cost App; Google Says No Regulation Being Damaged

Paytm now ranks third in the list on volume of UPI transactions in India. However Paytm still boasts the largest network of offline merchants.

According to the reports. Google Pay had 7.5 crore transacting users in May, 2020 while PhonePe had 6 crore users and Paytm had 3 crore users.

One-time payment market leader in India, Paytm is facing pressure from its peers as according to reports its monthly active users in December 2019 stood at 4 crore as opposed to 4.5 crore the previous year.

Paytm told Business Insider, “Paytm Wallet & other payment methods (net-banking, cards MPS etc) available on our app has continued to grow and we register a huge number of transactions. Overall, Paytm continues to dominate digital payments and has over 50% market share of mobile payments to merchants. We have the largest offline merchant network in the country with over 17 million (1.7 crore) merchants.”

According to a TechCrunch report which cited data from National Payments Corporation India (NPCI), GPay had 54 crore UPI transactions while PhonePe and Paytm saw 46 crore and 12 crore respectively.

Another report saw a rapid growth in UPI transactions of Amazon Pay with 6 crore UPI transactions.In April, Amazon launched the pay now, buy later option for its users.

Sandip Ginodia , CEO

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