2876Google launches all in one wallet

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Over the past few years, digital payments have witnessed tremendous growth in India. This growth has been largely driven by digital wallets and Unified Payments Interface (UPI). And this is visible from the fact that UPI transactions have been rising consistently, making a new high every month for the past six months.

For instance, UPI transactions ended 2020 hitting the Rs 4.16 lakh crore value mark in December involving 223 crore transactions, up from 221 crore transactions worth Rs 3.91 lakh crore in November. The annual growth in volume was 70% from 130 crore transactions while the value was up 105% from Rs 2.02 lakh crore in December 2019. Also, the number of banks & wallets live on the UPI platform increased from 143 to 207 during the 12 months.

Speed, ease of access and attractive cashback are making more and more Indians take up digital wallets. But it is interesting to know which are India’s preferred digital wallets. According to data released by NPCI in December 2020 PhonePe, Google Pay, and Paytm Payments Bank together had a lion’s share of 89% (200 crore transactions) in terms of volume and 93% share (Rs 3.89 lakh crore) in value.

PhonePe was on top of the table in December with 90.2 crore with transactions worth Rs 1.82 lakh crore processed, up from 86.84 crore transactions worth Rs 1.75 lakh crore in November.

Google Pay was at the second spot in December with 85.44 crore transactions involving Rs 1.76 lakh crore.

Paytm Payments Bank remained distant third spot among UPI apps with 25.63 crore transactions involving Rs 31,291.83 crore in December.

Amazon’s payment vertical Amazon Pay managed to process 4 crore transactions worth Rs 3,508.93 crore in December.

New entrant Whatsapp Payments, which went live in December, registered 8.1 lakh transactions worth Rs 29.72 crore in December.