As India is going cashless UPI or Unified Payment Interface is the new mode for payment for most of us. There are a lot of UPIs that provide us with this service but leading the market is PhonePe and Google Pay. We will be here comparing them today and draw a conclusion of which is best UPI app in India.
Unified Payments Interface is a swift real-time payment system that supports in quickly moving the funds among two bank accounts through a mobile platform. In simple words, UPI is a concept that makes it possible for multiple bank accounts to get into a single mobile application.
Early carriers like PhonePe and Paytm have been continuing their charm until tech giant’s Google UPI app. Google Pay quietly initiated to eat up their market share.
Google Pay has reached 45million monthly active user in March 2019 wherein September 2018; it was only 25million. It is now giving a fierce competition to PhonePe with 220million UPI transactions.
Surprisingly Google Pay managed to hold UPI transactions worth Rs 43,000-Rs 45,000 crore in March while PhonePe was only able to make Rs 31,000-Rs 32,000 crores only.
If we consider average transaction value, ATV of Google Pay is 50 percent higher than that of PhonePe. According to data, Google Pay’s ATV is around $4.6, while PhonePe has around only $2.6.
Google Pay is accepted at over 2,000 online merchants such as travel, food, tech, movie/event tickets, and even trading and investments. According to reports, the tech giant is spending more than $12-15 million every month to gather more users.
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