India, Oct. 14 -- Amid a broader dip in overall UPI monthly transactions in September, the second largest player in the space Google Pay lost a small chunk in its market share for the second consecutive month.

The Google-owned UPI app recorded 683 Cr transactions worth INR 8.7 Lakh Cr in the month under review, accounting for 35.4% of the market. This marked a slight decline from 35.9% market share held in August and 36.15% in July.

IPO-bound PhonePe, which has been the market leader for about five years now, also saw a slight dip in its market share in the month, slipping 0.1% to 46.4%. While it recorded 896 Cr transactions in September, its transaction value remained flat at INR 12.03 Lakh Cr.

The third largest UPI player, Paytm, mai...