New Delhi. In the present time, online payment has become an integral part of our daily life. From buying vegetables to shopping and paying electricity bills, Unified Payments Interface (UPI) has made transactions extremely easy. Apps like PhonePe, GooglePay and Paytm are playing a leading role in this digital revolution. According to recent data, PhonePe has maintained its dominance in the market of UPI payment apps, while GooglePay is at second place and Paytm is at third place. According to available information, PhonePe is at the top in the market share of UPI payment apps with 45.6 percent share. GooglePay maintains its position at second place with 32.3 percent share. The combined market share of these two giants is about 77.9 percent, which shows how strong their dominance is over the UPI ecosystem. At third place is Paytm, whose market share is 8 percent. This figure may surprise many, especially considering Paytm’s long presence and wide user base. Among other apps, Navi is at fourth position with 4.4 per cent share, followed by players like SuperMoney (1.7 per cent), BHIM (1 per cent), FameApp (0.9 per cent), WhatsApp (0.7 per cent), CRED (0.6 per cent) and Axis Bank App (0.6 per cent). A plan to implement Merchant Discount Rate (MDR) on UPI transactions is also under discussion. The National Payments Corporation of India (NPCI) had proposed imposing a 0.4 per cent charge on select UPI merchant payments above Rs 2,000, capped at Rs 300 per transaction. Although, it was to be implemented from October 15, but NPCI has postponed this decision till after Diwali. The new date will be announced to the concerned parties later.
