Google Pay leads in Unified Payment Interface(UPI) transactions by values in India.

Google Pay leads in Unified Payment Interface(UPI) transactions by values in India.

As per a report by Economic Times,Google Pay Happens to at pole position right now,in terms of transaction value by margin of around 25 percent.However,if one look at transaction volumes,it is Paytm that is ahead of the pack,followed closely by PhonePe and Google Pay.

Google Pay touched payments worth Rs 43,000-45,000 crore in March,ending the financial year on a high,according to two industry executives tracking the space.Both PhonePe and Paytm are said to have done transactions worth Rs 31,000-32,000 crore respectively.

In terms of volumes, Paytm continues to be ahead of PhonePe and Google Pay, But the gap is quit narrow. Google Pay,PhonePe and Paytm which now process 80-90 percent of UPI transactions. Transactions each in March out of the total 800 million.

UPI sees at least 80-90% of its transactions being P2P. The total value of transaction on UPI was Rs 1.3 lakh crore in March 2019. During the same period in 2018,UPI saw 178 million transactions worth over Rs 24,00 crore, UPI does not give a company specific break-up of transaction volumes or the values of it ,yet.

As per industry sources,Google is shelling out $12-15 million basis in India on its domestic payment business.To users to send and receive money,it offers scratch cards for every funds transfer.

Google Pay,s rises to popularity has been significant considering the service is relatively smaller when compared to Paytm and PhonePe.Google Pay claims that the service has about 45 million monthly active users.