According to a recent report by the National Payments Corporation of India (NPCI), the Bharat Interface for Money (BHIM) app has overtaken CRED and FamApp in January’s Unified Payments Interface (UPI) transactions, marking a significant milestone in the digital payment landscape. BHIM recorded 17.2 crore transactions worth ₹22,025.9 crore, showcasing a market share increase to 0.8% from 0.7% in December. This surge comes as total UPI transactions for January reached 21.7 billion transactions valued at ₹28.33 lakh crore, setting a new record high.
PhonePe also experienced a transaction volume rise to 991.3 crore in January, with a market share of 46.6% compared to 45.3% in December, handling transactions worth ₹13.7 lakh crore. Notably, Google Pay witnessed a slight decline in market share with 722.9 crore transactions and a value of ₹9.95 lakh crore. Meanwhile, Paytm saw a modest increase in market share, processing 165.9 crore transactions totaling ₹1.81 lakh crore.
Additionally, PhonePe recently filed for its initial public offering (IPO), with plans to offer over 5 crore equity shares for sale. Prominent stakeholders like Walmart’s WM Digital Commerce Holdings, Tiger Global, and Microsoft are set to sell significant portions of their shares through the IPO, signifying a pivotal moment for the company’s future.
Source: Inc42 Media