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PhonePe, Google Pay Lead UPI Race In May
- PhonePe and Google Pay accounted for about 85% of the UPI market share in May, continuing their duopoly.
- PhonePe registered 868.20 Cr transactions worth INR 12.56 Lakh Cr, seeing a 4.2% increase from April.
- Google Pay's UPI transactions rose 4% to 674.04 Cr in May from 648 Cr in April.
- Overall UPI transactions grew 4.4% to 18.68 Bn in May, reaching a new high, with a value of INR 25.14 Lakh Cr.
- Out of the total UPI transactions, app players recorded 18.38 Bn transactions.
- Paytm held onto the third spot with 125.75 Cr transactions worth INR 1.38 Lakh Cr.
- Navi followed with 38.6 Cr transactions valued at INR 21,350.35 Cr.
- Flipkart's super.money and CRED also participated in the UPI race.
- FamApp By Trio remained the eighth largest UPI player with 11.03 Cr transactions in May.
- The debate on MDR for UPI payments continues, with concerns on financial sustainability and promoting digital payments.
- PCI is pushing for the introduction of MDR on UPI transactions above INR 2,000.
- There are reports suggesting potential MDR implementation on UPI transactions above INR 3,000.
- The finance ministry dismissed the reports on MDR implementation as speculative and baseless.
- Paytm's founder mentioned that MDR could increase revenue but also intensify competition in the fintech sector.
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