In the fourth quarter of 2023, PhonePe held 46 percent share of unified payments interfaces (UPI) usage in India, followed by Google Pay with 36 percent. Leading fintech players have been key drivers of UPI adoption in India.
The integration of digital wallets with the UPI platform has significantly transformed the digital payments landscape in India. This integration allows wallet holders to pay any merchant with a QR code using their wallet balance. It has democratized digital payments by making them more accessible to a larger population, thus bringing more people into the formal banking system. This infrastructure has boosted digital transactions and contributed significantly to financial inclusion in the country.
Unified Payment Interface (UPI) usage across India in fourth quarter of 2023, by platform
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Share of UPI usage
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Demand Sage. (December 14, 2023). Unified Payment Interface (UPI) usage across India in fourth quarter of 2023, by platform [Graph]. In Statista. Retrieved June 18, 2024, from https://www.statista.com/statistics/1034443/india-upi-usage-by-platform/
Demand Sage. "Unified Payment Interface (UPI) usage across India in fourth quarter of 2023, by platform." Chart. December 14, 2023. Statista. Accessed June 18, 2024. https://www.statista.com/statistics/1034443/india-upi-usage-by-platform/
Demand Sage. (2023). Unified Payment Interface (UPI) usage across India in fourth quarter of 2023, by platform. Statista. Statista Inc.. Accessed: June 18, 2024. https://www.statista.com/statistics/1034443/india-upi-usage-by-platform/
Demand Sage. "Unified Payment Interface (Upi) Usage across India in Fourth Quarter of 2023, by Platform." Statista, Statista Inc., 14 Dec 2023, https://www.statista.com/statistics/1034443/india-upi-usage-by-platform/
Demand Sage, Unified Payment Interface (UPI) usage across India in fourth quarter of 2023, by platform Statista, https://www.statista.com/statistics/1034443/india-upi-usage-by-platform/ (last visited June 18, 2024)
Unified Payment Interface (UPI) usage across India in fourth quarter of 2023, by platform [Graph], Demand Sage, December 14, 2023. [Online]. Available: https://www.statista.com/statistics/1034443/india-upi-usage-by-platform/