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    PhonePe: Life Beyond UPI

    Dec 10, 2020 5 minutes
    BY RUKMINI RAO

    payments ecosystem was still dominated by wallet players such as Paytm, MobiKwik and Freecharge when the Unified Payments Interface or UPI was launched in 2016. For the past four years, putting behind everyone else in the fintech space, Google Pay held the top spot in terms of monthly UPI transactions, largely driven by peer-to-peer payments. In October, PhonePe toppled Google Pay and climbed to the top spot with a market share of 40 per cent in terms of volumes. The company said it processed 835 million UPI transactions in October out of the total two billion for the month. Google Pay was around 816 million, Paytm around 250 million and AmazonPay over 125 million, according to industry sources. In a zero-MDR regime where transaction fees can

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