Alibaba-backed payment wallet Paytm grew market share in the six months to April at 67.9% while rival Freecharge had a share of 11.4%, data from research firm KalaGato Pte. The shares are based on the volume of transactions clocked by payment wallet firms in top 10 metro cities.
AirtelMoney managed a 5.4% share of the market followed by Mobikwik with 5%. Meanwhile, peer-to-peer payment (P2P) platforms such as SBI Buddy had 3.8% market share in April compared to HDFC’s PayZapp which recorded 2.8%, the data showed. The BHIM app which was launched in December last year, right after demonetisation captured an 8.7% share of the market, while Flipkart’s PhonePe held the highest share at 11.8% in April.
The data does not account for transactions made on May 30 and 31 and the final data for the entire month could be higher.
The value of transactions made through the Unified Payments Interface (UPI) channel during much of May grew faster than those made via mobile wallets and other prepaid payment instruments (PPIs), representative data released by Reserve Bank of India (RBI) showed.
Between May 1 and 28, the aggregate value of UPI transactions stood at Rs2,450 crore, 11.42% higher than that in the whole of April. On the other hand, PPI transactions in the first 28 days of May added up to Rs2,280 crore, up 2.1% over the April value.