For two consecutive months, Walmart-backed PhonePe has processed more than a billion transactions on the Unified Payments Interface (UPI) platform of the National Payments Corporation of India (NPCI). It maintained its top position in the pecking order of UPI apps, followed by Google Pay. In April, PhonePe processed 1.18 billion transactions on its platform amounting to Rs 2.34 trillion, thereby capturing more than 45 per cent market share in terms of volume of transactions on UPI. In March, it had processed 1.19 billion transactions amounting to Rs 2.31 trillion. On the other hand, Google Pay registered 905.96 million transactions in the same period, amounting to Rs 1.9 trillion, thus capturing a market share of 34.3 per cent in the UPI space.