Phonepe vs google pay vs paytm

Digital transaction surged in India after the demonetization.

Paytm become the leader in a demonetization period where slogan raise

ATM NHI Paytm Karo

Consumer point of view all apps are very user friendly and all have similarity its depends upon consumer to consumer which he wants to like and from usability point of view all the

work under UPI guidelines, frameworks and transaction rules and regulations,Phonepe and Paytm allow accepting offline payment while Google pay and Bhim app have to work on it

if we look consumer view on cashback point of view, the consumer enjoying on getting cashback, scratch cards, coupons cards, etc

almost all companies are playing this strategy cashback and coupon offers

in this lockdown time, online transaction surged 4 to 5 times regularly monthly UPI value transaction gets doubled

An industry expert is reported that google pay, rapid market share gain largely been due to cashback offer

UPI is a Just a four-year-old online transaction system build by India’s largest Bank it reported 2 billion transactions last month till date 30 October 2020. in this UPI architecture, these 3 online players are playing

Phonepe, google pay and Paytm

according to the report, The 2.07 billion UPI transactions in October processed $51.9 billion in value, up from $25.7 billion in October 2019

if we look performance-wise report

Phonepe done recorded 835 million UPI transactions in October

Google pay recorded 820 million and Paytm is less than Phone pe

Paytm recorded about 245 million transactions

where google pay drove less transaction compared to Phonepe

In one statement, Phonepe reported that he has a 40% market share in UPI transactions

Google didn’t give any response to his market share percentage

Paytm is now already entered in two new segment-first one is he entered in online stock discount broking system where he is targeting only minimal and he is planning to capture

almost every young guys who are only doing online transaction second he entered micro-lending loan segments Paytm UPI, Paytm Wallet, Paytm Payments Bank account, Debit card,

Credit card and net banking. Overall, the transactions through these funding sources have grown over 20% in October Month in this segment he captures already 70% market capture as he claims.

Google Pay, both Paytm and PhonePe also operate a wallet service and wallet service do not operate by UPI Phonepe claim it 925 million transactions completed by wallet last October month

• Phope have surged his transaction in covid time his number of transaction is continuously increasing Phone pe got also benefited from online sales from Flipkart and Dream 11 fantasy cricket during IPL

he is claiming we want to cross 500 registered user till December 2022

As of this online transaction, the market is growing these top players differences have also grown recently google removed Paytm app from his google play store after Paytm owner Vijay Shekhar Sharma

Paytm alleged that Google’s Pay app engages in a similar set of practices and he launches his new store called informal coalition

India’s mobile payments market is estimated to reach $1 trillion by 2023, according to Credit Suisse

Competition is going to be tougher because online payments on one big player who already has world most consumer data set What’s app is already testing UPI payments on its app in 2018

WhatsApp Pay to most of its users in the country.

Why UPI is so popular

UPI have an open structure programme made by Indian banking systems

This allows Indian Payment apps like phone pe google pay and amazon pay and Paytm to link freely and use this platform for online transactions. Its make very easy for a retail user like consumer who can link his

Aadhar number and phone number to his Original bank account system, it connects Bank and apps which is regulated by the Central Bank of India

Increasing trader/operator transaction

Now UPI reaches comes out from Hotel to Kirana store and normal vender shop a small Sallon is also accepting this payment method, even it increases from Tier 2 cities to Tier 3 cities so we can expect UPI transaction may cross some of the billions transaction in next 2 to 3 years

UPI linkage Credit Cards System

Now present time UPI is linked only Debit cards, Bank Account, and Net Banking only in coming days UPI ll planning to link credit cards system in his structure PhonePe already has enabled this feature in his platform and some of the other players we’ll see in coming days'll adopt this credit cards

Future Security Challenges

AI Means Artificial Intelligence system ll be decided only with the success of UPI in upcoming times. Where you have seen auto-debit features already have linked in UPI system. this ll be hassled free while paying monthly instalment fees or monthly EMI paying and many Human errors problem may get reduced in coming days