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UPI transactions rise 4.4% in May to 18.68 Bn

EntrackrEntrackr · 1m ago
UPI transactions rise 4.4% in May to 18.68 Bn
Medial

UPI transactions rise 4.4% in May to 18.68 Bn According to data released by the National Payments Corporation of India (NPCI), the total transaction value in May stood at Rs 25.14 lakh crore, compared to Rs 23.95 lakh crore in April. Unified Payments Interface (UPI) continued its upward trajectory in May 2025 with 18.68 billion transactions, a 4.4% month-on-month (MoM) increase from 17.89 billion in April. The transaction volume also reflects a 33% year-on-year (YoY) growth. According to data released by the NPCI, the total transaction value in May stood at Rs 25.14 lakh crore, compared to Rs 23.95 lakh crore in April. This marks a 5% MoM jump, while on a YoY basis, the transaction value registered a 23% growth. The daily average transaction volume in May rose to 602 million, compared to 596 million in April. The daily average transaction value stood at Rs 81,106 crore, up from Rs 79,831 crore in the previous month. In March, UPI processed 18.30 billion transactions worth Rs 24.77 lakh crore, indicating that May’s performance has surpassed both the previous months in terms of volume and value. As of April, PhonePe continued to lead among UPI apps, followed by Google Pay, Paytm, Navi, and Super.money. PhonePe held the largest share with 46.73% of all UPI transactions, processing 8.36 billion transactions. Google Pay came next with a 36% share, handling 6.48 billion transactions. Together, PhonePe and Google Pay accounted for almost 83% of the total UPI transaction volume. Recently, gold-saving app Jar also entered the consumer payments space with a UPI app in partnership with Unity Small Finance Bank as the Payment Service Provider. Entrackr exclusively reported the development on May 29.

UPI transactions surge 13.6% in March

EntrackrEntrackr · 3m ago
UPI transactions surge 13.6% in March
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UPI transactions surge 13.6% in March Unified Payments Interface (UPI) recorded 18.30 billion transactions in March, compared to 16.11 billion in February. This represents a 13.6% month-on-month growth and a 36% year-on-year increase, according to data published by NPCI. For the first time, UPI crossed the 18 billion transaction volume mark on a monthly basis. The total transaction amount in March rose by approximately 12.80% to Rs 24.77 lakh crore, compared to Rs 21.96 lakh crore in February. The average daily transaction count in March stood at 590 million, compared to 575 million in February. The average daily transaction amount also saw an increase to Rs 79,910 crore in March from Rs 78,446 crore in the previous month. Several factors have contributed to this growth, including the widespread adoption of UPI by merchants across sectors, government initiatives promoting digital transactions, and increased consumer awareness and convenience. For context, the Indian government recently approved a new scheme to encourage small merchants to use digital payments through the BHIM-UPI platform. The 'Incentive Scheme for Promotion of Low-Value BHIM-UPI Transactions (P2M)' will run from April 1, 2024, to March 31, 2025, with a budget of Rs 1,500 crore. While the top three UPI apps—PhonePe, Google Pay, and Paytm—continued to dominate the market as of February, Flipkart’s Super.money entered the top five for the first time.

PhonePe, G-Pay lead UPI in Nov; Flipkart's super.money overtakes Amazon Pay

EntrackrEntrackr · 7m ago
PhonePe, G-Pay lead UPI in Nov; Flipkart's super.money overtakes Amazon Pay
Medial

Unified Payments Interface (UPI) recorded a 6.6% decline in transaction count (15.48 billion) and an 8.3% decrease in transaction value (Rs 21.55 lakh crore) in November compared to October. The top UPI apps also saw a slight decline in their volume and value, while a few new players have improved their positions in the competitive landscape. Despite the overall decline, PhonePe maintained its dominance in the UPI market with 7.4 billion transactions amounting to Rs 10,88,635.03 crore. The platform held 47.82% of the transaction volume and 50.52% of the transaction value. Google Pay followed as the second-largest UPI player, processing 5.7 billion transactions worth Rs 7,64,639.66 crore, capturing 37.07% of the volume and 35.48% of the value. Paytm (OCL) retained its position as the third-largest player, facilitating over 1 billion transactions worth Rs 1,18,004.06 crore. It accounted for 6.95% of the total UPI transaction volume and 5.48% of the transaction value. Notably, Navi maintained its lead over Cred to secure the fourth position in terms of transaction volume. The app processed 152.95 million transactions valued at Rs 8,806.45 crore. Cred, which previously held the position, reported 138.24 million transactions totaling Rs 50,560.48 crore. Axis Bank Apps supported 22.20 million transactions worth Rs 4,151.71 crore, while Flipkart’s super.money handled 78.49 million transactions valued at Rs 3,130.10 crore. Amazon Pay recorded 71.60 million transactions worth Rs 7,914.87 crore. This is the first time super.money has surpassed its rival Amazon Pay in UPI transactions. The app was launched in June this year. FamApp by Trio processed 67.41 million transactions amounting to Rs 777.46 crore, and ICICI Bank Apps rounded off the top 10 with 51.13 million transactions valued at Rs 18,538.92 crore. The top three players—PhonePe, Google Pay, and Paytm (OCL)—continue to dominate the UPI market with a combined share of over 90% in both transaction volume and value. To promote digital transactions, the Reserve Bank of India (RBI) has further raised the UPI Lite wallet limit to Rs 5,000 and increased the per-transaction limit to Rs 1,000.

UPI in June: PhonePe, Google Pay see marginal decline, Paytm records flat growth

EntrackrEntrackr · 12m ago
UPI in June: PhonePe, Google Pay see marginal decline, Paytm records flat growth
Medial

Digital payments platforms PhonePe and Google Pay saw a marginal decline in their total volume and value processed through Unified Payments Interface (UPI) in June while the third largest player Paytm recorded a flat growth in the last month. Overall, UPI saw a marginal dip of 1% in total transaction volume to 13.9 billion in June from 14 billion in May. During the period, the transaction value also reduced by a thin margin to Rs 20.07 lakh crore from Rs 20.45 lakh crore. As per data disclosed by NPCI, PhonePe processed 6.7 billion transactions worth Rs 10.09 lakh crore in June while Google Pay and Paytm’s transactions were recorded at 5.1 billion worth Rs 7.07 lakh crore and Rs 1.1 billion worth Rs 1.2 lakh crore respectively. Volume wise, PhonePe had 48.3% market share in UPI in June followed by Google Pay and Paytm with 36.7% and nearly 8% market share. In May, PhonePe processed Rs 10.33 lakh crore whereas Google Pay and Paytm’s value of transactions were recorded at Rs 7.2 lakh crore and Rs 1.24 lakh crore, respectively. In terms of volume, the trio registered 6.8 billion, 5.2 billion and 1.14 billion transactions, respectively. Paytm, which is supported by partnerships with major banks like Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank for UPI, has retained its market share for two consecutive months in the UPI ecosystem despite facing restrictions on onboarding new users. A bunch of new players such as CRED, NAVI, Groww, Slice and recently launched Flipkart UPI are also clocking decent volumes in UPI. According to the NPCI data, CRED has emerged as the fourth largest player in processing UPI payments. Interestingly, it has surpassed Amazon Pay, WhatsApp and BHIM and processed more than one third of Paytm’s value of transactions in the last month. Recently, NPCI chief operating officer (COO) Praveena Rai said that UPI is adding up to 6 million new users every month. NPCI has also set an ambitious target of achieving 1 billion transactions per day in the coming years.

PhonePe widens lead over G-Pay in March; CRED’s UPI ranking slips to 7th

EntrackrEntrackr · 3m ago
PhonePe widens lead over G-Pay in March; CRED’s UPI ranking slips to 7th
Medial

PhonePe widens lead over G-Pay in March; CRED’s UPI ranking slips to 7th While the top five UPI apps — PhonePe, Google Pay, Paytm, Navi, and Super.money — maintained their positions, CRED dropped to seventh place, overtaken by Axis Bank. The Unified Payments Interface (UPI) recorded a 13.6% increase in volume in March, reaching 18.30 billion transactions. While the top five UPI apps — PhonePe, Google Pay, Paytm, Navi, and Super.money — maintained their positions, CRED dropped to seventh place, overtaken by Axis Bank. This follows a similar shift in February, when Super.money replaced CRED in the top five rankings. Axis Bank moved ahead of CRED after recording 125 million B2C transactions in March. In the UPI system, B2C (business-to-customer) transactions include payments like refunds, salaries, or cashback that businesses send to customers. With a commanding 47.25% market share by transaction volume, PhonePe retained its top position by processing 8.64 billion transactions. Google Pay followed closely with 36.04%, handling 6.59 billion transactions. Together, the two giants controlled over 83% of the UPI transaction volume. Paytm, the third largest player, contributed a 6.67% share (1.22 billion transactions). In terms of transaction value, PhonePe again led with a 50.76% market share, handling over Rs 12.57 lakh crore, followed by Google Pay at 34.99% (Rs 8.66 lakh crore). CRED, despite a modest volume share of 0.79%, emerged as a high-value player and contributed Rs 55,091.22 crore, or 2.22% of the total value. This reflects the firm’s positioning among high-value users. Other apps like Amazon Pay, ICICI Bank, and Axis Bank had a relatively minor presence in terms of both volume and value but still catered to specific user segments. In a recent development, the Indian government approved a new scheme with a budget of Rs 1,500 crore to encourage small merchants to use digital payments through the BHIM-UPI platform.

UPI records 6.6% dip in November, maintains 38% YoY growth

EntrackrEntrackr · 7m ago
UPI records 6.6% dip in November, maintains 38% YoY growth
Medial

Unified Payments Interface (UPI) processed 15.48 billion transactions worth Rs 21.55 lakh crore in November. This reflects a 6.6% decline in transaction count and an 8.3% decline in transaction value compared to October 2024, which recorded 16.58 billion transactions worth Rs 23.50 lakh crore. The digital payment platform recorded a 10% surge in volume in October compared to September’s 15.04 billion transactions. However, UPI saw year-on-year (YoY) growth of 38% in transaction count and 24% in transaction amount last month, while the daily averages stood at 516 million transactions, amounting to Rs 71,840 crore. In October, PhonePe’s market share saw a minor drop to 47.66% from 48% in September. Google Pay and Paytm’s market shares by volume remained unchanged. For the first time, Navi surpassed CRED to become the fourth-largest player in UPI by volume. The market share data for November has yet to be released. UPI has expanded its reach beyond India, now offering services in countries such as Sri Lanka, Mauritius, France, the UAE, Singapore, Bhutan, and Nepal. According to media reports, the National Payments Corporation of India’s international arm (NIPL) has engaged in discussions with at least 20 countries across Africa and South America to assist in developing systems similar to UPI. In recent months, NPCI has introduced significant changes to UPI transaction limits. The upper limit for specific types of UPI payments has been raised to Rs 5 lakh, while the caps for UPI Lite Wallet and UPI 123Pay have also been increased. These changes aim to drive greater adoption of digital payments, aligning with the Indian government’s ambitious vision of achieving 1 billion daily transactions by 2026-27.

PhonePe, G-Pay reach peak UPI volumes in May; Super.money maintains lead over CRED

EntrackrEntrackr · 1m ago
PhonePe, G-Pay reach peak UPI volumes in May; Super.money maintains lead over CRED
Medial

PhonePe, G-Pay reach peak UPI volumes in May; Super.money maintains lead over CRED In May, UPI recorded a total of 18.67 billion customer-initiated transactions amounting to Rs 25.14 lakh crore. Of these, 6.82 billion (36%) transactions valued at Rs 18.17 lakh crore (72%) were peer-to-peer (P2P), while the remaining 11.85 billion transactions worth Rs 6.96 lakh crore were peer-to-merchant (P2M). PhonePe and Google Pay continued their dominance in the UPI ecosystem in May 2025, maintaining their positions as the top two apps by both transaction volume and value. As per the latest NPCI data, PhonePe retained its lead with 8.68 billion transactions in May, which translates to a 46.47% share of the total volume among the top players. In terms of transaction value, the app processed Rs 12.56 lakh crore and controlled a 49.97% share. Google Pay followed closely with 6.74 billion transactions and Rs 8.85 lakh crore in value, capturing 36.09% and 35.20% of the volume and value shares, respectively. For PhonePe and Google Pay, May marked their highest transaction volumes since their previous peaks of 8.64 billion and 6.59 billion, respectively, in March. Together, these two apps handled more than 80% of all customer-initiated UPI transactions in the country. Paytm maintained its position in third place by processing 1.27 billion transactions and Rs 1.38 lakh crore in value. However, its 6.84% share of the transaction volume compared to a 5.49% share of value indicates that its users largely engage in low-ticket payments. CRED, on the other hand, stood out for its performance in high-value transactions. Despite accounting for just 141.95 million transactions (0.76% of the volume), CRED recorded a transaction value of Rs 55,242.72 crore, which translates into a 2.20% share of the total value processed. In terms of volume, Navi and Flipkart’s Super.money are ahead of CRED with 386.21 million and 203 million transactions, respectively. Axis Bank apps, which also handled 96.92 million B2C transactions, captured the 7th position. Fampay by Trio (110.38 million), Amazon Pay (98.68 million), and WhatsApp (70.19 million) held the 8th, 9th, and 10th positions, respectively. Super.money overtook CRED to become the fifth-largest UPI app in February and has maintained its lead over the fintech unicorn ever since.

UPI achieves 10% month-on-month growth in October

EntrackrEntrackr · 8m ago
UPI achieves 10% month-on-month growth in October
Medial

Unified Payments Interface (UPI) witnessed decent growth in transaction volume and value from September to October 2024. In October, the digital payment platform recorded 16.58 billion transactions, a 10% increase from September’s 15.04 billion, according to data published by the National Payments Corporation of India (NPCI). The transaction value surged 14% to Rs 23.50 lakh crore in October from Rs 20.64 lakh crore in September. This growth was fueled by a 45% year-over-year rise in transaction count and a 37% rise in transaction value. Moreover, average daily transaction volume increased from 501 million in September to 535 million in October, with the daily transaction amount reaching Rs 75,801 crore, a noticeable increase from Rs 68,800 crore the previous month. In September, PhonePe maintained its leading position in India’s UPI market with a 48% share of transaction volume. Google Pay came in second with 37.4%, followed by Paytm in third place with 7%. The market share data for October has yet to be released. Recently, the National Payments Corporation of India (NPCI) granted approval to One97 Communications Limited, Paytm's parent company, to onboard new users onto its UPI platform. The new authorization is expected to help the Noida-based company expand its user base and enhance its market share in the competitive UPI sector. In recent weeks, NPCI has implemented significant changes to UPI transaction limits. The upper cap for certain types of UPI payments has been raised to Rs 5 lakh, while the limits for UPI Lite Wallet and UPI 123Pay have also been increased. These adjustments are intended to encourage greater digital transaction adoption, supporting the Indian government’s ambitious goal of achieving 1 billion transactions per day by 2026-27.

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