PhonePe has launched UPI (Unified Payments Interface) Lite payments feature on its application to enable faster payments for smaller transactions, two months after its biggest competitor Paytm went live with the platform.
PhonePe, the Walmart-owned fintech, has captured nearly 50% of the market share in UPI transactions in terms of value. It now accounts for 47.2% of UPI transactions in terms of volume. With banks not making money on UPI transactions, third-party apps like PhonePe, Google Pay, and Paytm dominate the space, accounting for nearly 95.7% of customer-initiated transactions.
India Business News: PhonePe, the Walmart-owned fintech, has captured nearly 50% of the market share in UPI transactions in terms of value. It now accounts for 47.2% of UP