The National Payments Corporation of India (NPCI) has released app-wise data for companies and banks providing Unified Payment Interface (UPI), which show that Google Pay and PhonePe had a combined market share of 82% in volume terms and 86% in value terms during the month of November 2020. So far, the NPCI has released data on bank performance. This is the first time that the umbrella organisation for retail payments has released UPI app performance data. Last month, the NPCI said that it would introduce guidelines that place a market share cap of 30% on third-party apps on the UPI network, to “address the risks and protect the UPI ecosystem. Transactions on the UPI platform grew by 106% YoY to ₹3.9 lakh crore in November this year, compared to a little over ₹1.89 lakh crore in the same month last year. Between April and November this year, over 10.6 billion transactions worth nearly ₹19.4 lakh crore took place on UPI. Of the 57 bank and third-party UPI apps, Google Pay and PhonePe dominate the industry followed Paytm Payments Bank, Amazon Pay, BHIM UPI (the NPCI's own UPI app), and a slew of bank apps. While Google Pay processed the highest volume of UPI transactions in November 2020, PhonePe processed the most UPI transactions in value terms in the same period. No industry-wide discussions on market share cap While the NPCI's 30% market share cap on UPI players will come into force from January next year, a specific guideline on how…
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