WhatsApp is not able to convey users for using its payment transaction feature as its transaction volume has fallen in January, according to the UPI data released by the National Payments Corporation of India. However, PhonePe continues to score high among 56 transaction apps (2.35074 billion transactions) with a 41.21% total market share. On the other hand, Google Pay received a 0.1% decline in its transactions.
NPCI data tells that WhatsApp’s transaction volume declined 31%, from 8,10,000 in December to 5,60,000 in January. The app owned by Facebook, despite the significant drop in transactional volume, has received a 22% increase in payments value that came to Rs. 36.44 crores in January. It was up from Rs. 29.72 crores payments value in the earlier month. WhatsApp received a great appreciation in November for its payments feature, though in an evaluated manner.
The initial restriction, limited adoption, and most recently the criticism over its updated privacy policy feature can be the primary reasons for its decline. In contrast to WhatsApp, the Walmart-owned PhonePe processed 968.72 million transactions in January valued at Rs. 1,91,973.77 crores. The transaction volume raised by 7.39% in December over 902.03 million transactions. The transactions which were processed through PhonePe, their value also grew over 5% in the last two months.
After PhonePe, Google Pay came second with 853.53 million transactions worth Rs 1,77,791.47 crores in January. The payment app showed a fall of 0.1% from 854.49 million transactions valued at Rs. 1,76,199.33 crores. Its market share in transactional volume terms was 36.31%. Following Google Pay was the Amazon Pay app and NPCI’s BHIM app.
Amazon Pay processed 46.30 million transactions amounting to Rs. 4,044.38 crores and its market share was 1.97% in terms of transactional volume terms. BHIM app processed 23.38 million transactions in January worth Rs. 7,462.94 crores. Its market share was 0.99% in terms of transactional volume.
