UPI transactions increase; Paytm loses top position

UPI payments were preferred by users for small-ticket transactions last month. This resulted in an increased number of UPI transactions last month.

Alibaba-backed Paytm is no more the leading UPI platform in the country after it accounted for only 16% UPI transactions during July. Top competitors Google Pay and PhonePe accounted for over 35% of market share each with close to 300 million transactions processed on each platform last month.

Paytm claims that it still holds a 70 percent market share in overall digital payments both online and offline since it offers multiple modes of payments including wallet, UPI and direct bank transfers.