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August marks all-time high UPI transactions for PhonePe and Google Pay

EntrackrEntrackr · 12h ago
August marks all-time high UPI transactions for PhonePe and Google Pay
Medial

August marks all-time high UPI transactions for PhonePe and Google Pay India’s Unified Payments Interface (UPI) crossed 20 billion transactions in August 2025, marking its highest monthly volume ever. PhonePe continued to lead the digital payments market with 9.15 billion transactions, holding a 45.74% share by transaction volume (9.15 billion) and 48.26% by value (Rs 11.99 lakh crore). According to NPCI data, Google Pay followed with a 35.30% share by transactions (7.06 billion) and a 35.55% share by value (Rs 8.83 lakh crore). For the first time, PhonePe and Google Pay crossed the 9 billion and 7 billion monthly transaction milestones, respectively. Paytm retained the distant third spot with a 7.03% share by transactions (1.41 billion transactions) and a 5.77% share by value (Rs 1.43 lakh crore). The trend also suggests that the combined market share of the top three apps, PhonePe, Google Pay, and Paytm, has declined from 93.22% in January to a little over 88% in July. The entry of new UPI apps along with discounts and promotional offers could be driving this customer shift. Navi registered 504 million transactions (2.52% share by transactions) worth Rs 25,397 crore, while CRED accounted for 150 million transactions (0.75% share by transactions) but a relatively strong 2.24% share by value owing to higher ticket size payments. Axis Bank Apps, BHIM, Amazon Pay, FamApp by Trio, and super.money rounded out the top 10, each holding less than 1% share by transactions. Notably, super.money surpassed CRED in terms of transaction volume. In August 2025, UPI spending was led by debt collection at Rs 77,007 crore, groceries at Rs 68,116 crore, and fuel at Rs 34,547 crore. Digital goods including gaming fell 26% to Rs 7,441 crore after real money app bans.

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Navi breaks into top 5 UPI apps in September as PhonePe maintains lead

EntrackrEntrackr · 11m ago
Navi breaks into top 5 UPI apps in September as PhonePe maintains lead
Medial

September 2024 marked a significant milestone in the Unified Payments Interface (UPI) ecosystem, with total transactions surpassing 15 billion for the first time since its inception in April 2016. PhonePe continues to dominate the market, processing an impressive 7.22 billion transactions valued at Rs 10,30,871 crore, according to data released by National Payments Corporation of India (NPCI). Google Pay follows closely behind, recording 5.62 billion transactions worth Rs 7,46,690.05 crore. PhonePe experienced a slight decline in both transaction volume and value in September, while Google Pay showed an upward trend in both metrics over the same period. Paytm’s transaction numbers remained largely unchanged from August to September. As a result, market shares by volume are now 48% for PhonePe, 37.4% for Google Pay, and 7% for Paytm. In August, the market shares were slightly different, with PhonePe at 48.3%, Google Pay at 37.3%, and Paytm at 7.21%. In terms of transaction value, PhonePe’s share dipped just below 50%, while Google Pay and Paytm’s shares remained stable at 36% and 5.5%, respectively. CRED and Navi recorded 140 million and 120 million transactions, with transaction values of Rs 47,982.71 crore and Rs 6,549.10 crore, respectively. Notably, Navi experienced a 35% increase in transaction volume, and for the first time in September, it broke into the top five apps. Flipkart’s Super.money experienced the highest growth among UPI-based apps in September, boasting an impressive 120% increase in transactions. It secured the 15th position, just behind the government-promoted BHIM app. In September, out of the total 15 billion transactions, peer-to-merchant (P2M) transactions comprised 62%, while peer-to-peer (P2P) transactions made up the remaining portion. However, in terms of transaction value, P2P transactions accounted for over 72.5%, with P2M transactions representing the rest. In recent weeks, the NPCI has raised transaction limits for UPI, increasing the upper cap for certain types of payments to Rs 5 lakh. Additionally, the limits for UPI Lite Wallet and UPI 123Pay have also been enhanced. These changes aim to encourage consumers to engage in more digital transactions, aligning with the Indian government’s ambitious goal of reaching 1 billion transactions per day by 2026-27.

PhonePe nears 9 Bn UPI transactions in July; groceries, fast food drive volumes

EntrackrEntrackr · 26d ago
PhonePe nears 9 Bn UPI transactions in July; groceries, fast food drive volumes
Medial

PhonePe nears 9 Bn UPI transactions in July; groceries, fast food drive volumes In July 2025, groceries and supermarkets led UPI transactions with 3,032 million (3.03 billion) in volume and Rs 64,882 crore in value, followed by fast food (1.22 billion) and restaurants (1.15 billion). India’s UPI ecosystem continued to be dominated by PhonePe and Google Pay in July as they jointly captured more than 81% of total customer-initiated transaction volume and value. According to data released by the National Payments Corporation of India (NPCI), UPI processed an all-time high of 19.47 billion transactions worth Rs 25.08 lakh crore in July. Out of the total, PhonePe (8.93 billion) accounted for a commanding 45.88% share in terms of volume, followed by Google Pay (6.92 billion) with 35.56%. Of the total transaction value of Rs 25,08,498.09 crore, PhonePe held 48.64%, while Google Pay contributed 35.53%. Together, Google Pay and PhonePe contributed 81.44% of total UPI volume and 84.17% of the value. Paytm stood third with 1,366.05 million transactions, translating to a 7.02% market share by volume and Rs 1,43,650.62 crore in value or 5.73% share. Navi followed with 444.06 million transactions (2.28%) and Rs 23,562.51 crore in value (0.94%). Flipkart’s super.money (252.85 million; 1.30%) and CRED (144.38 million; 0.74%) trailed significantly in volume, though CRED commanded a stronger value share of 2.20% due to higher-value transactions. FamApp by Trio captured 0.64% volume and 0.06% value share, while Amazon Pay and BHIM registered 0.52% and 0.45% of volume, contributing 0.43% and 0.58% in value, respectively. WhatsApp accounted for 0.38% of the volume and 0.22% of the value. Axis Bank Apps recorded 27.79 million transactions (0.14%) and Rs 5,483.32 crore in value (0.22%). The continued dominance of PhonePe and Google Pay shows the consolidation of India’s digital payments market, even as newer players like CRED, Navi, and super.money attempt to chip away at the duopoly with niche offerings and targeted user bases. In July 2025, groceries and supermarkets led UPI transactions with 3,032 million (3.03 billion) in volume and Rs 64,882 crore in value, followed by fast food (1.22 billion) and restaurants (1.15 billion). While service stations and telecom services saw lower volumes, they posted high values, showing larger spends per transaction. Smaller categories like digital goods, pharmacies, and bakeries reflected UPI’s growing reach across everyday purchases. While NPCI has provided category-wise data for the first time, it will take more time to penetrate every segment, as 2.2 billion transactions are still classified under the undefined category.

PhonePe captures 50% UPI market share by value in August

EntrackrEntrackr · 11m ago
PhonePe captures 50% UPI market share by value in August
Medial

PhonePe has captured over 50% of the market share in UPI transaction volume as of August, according to data from the National Payments Corporation of India (NPCI). The Walmart-controlled payments firm continues to maintain a strong lead over competitors like Google Pay and Paytm. UPI registered 14.96 billion transactions worth Rs 20,60,735.57 crore in August. Out of this, PhonePe alone recorded 7.23 billion transactions amounting to Rs 10,33,264.34 crore, translating to a 48.36% market share by volume and a 50.14% market share by value. In August, Google Pay recorded 5.59 billion transactions totaling Rs 7,42,223.07 crore, while Paytm processed transactions worth Rs 1,13,672.16 crore. Google Pay held a market share of 37.3% by volume and 36% by value, whereas Paytm captured a market share of 7.21% by volume and 5.51% by value. In July, PhonePe, Google Pay, and Paytm held market shares of 48.3%, 37%, and 7.82% by transaction volume, respectively. While PhonePe and Google Pay saw increases in their transaction numbers, Paytm’s growth slowed down during the last month. Emerging players such as CRED, Navi, and Fampay are capturing market share from the leading firms. For example, CRED processed 147 million transactions, while Navi and Fampay handled 88 million and 57 million transactions, respectively. UPI is nearing 500 million transactions per day, and NPCI Chief Dilip Asbe already predicted that the platform will reach 1 billion transactions daily by 2026-27. Meanwhile, NPCI has raised the upper limit for UPI transactions to Rs 5 lakh for specific types of payments, including tax payments, payments to hospitals and educational institutions, as well as investments in IPOs and RBI retail direct schemes. The high market concentration with the top three players does not augur well for any significant change in the market when it comes to any significant monetization, one would imagine. Especially when two of the top three happen to be foreign owned. That is not what the smaller players, and many other fintechs looking for a more viable use case in the UPI payments ecosystem want. Not to mention the credit card segment which continues to cede ground to UPI. For the fiscal year ending in March 2024 (FY24), NPCI’s revenue from operations spiked to Rs 2,876 crore from Rs 2,065 crore in FY23 while its profit surged to Rs 1,134 crore from Rs 828 crore during the same period.

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