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PhonePe hits 9.8 Bn UPI transactions in December; BHIM overtakes CRED

EntrackrEntrackr · 18d ago
PhonePe hits 9.8 Bn UPI transactions in December; BHIM overtakes CRED
Medial

PhonePe hits 9.8 Bn UPI transactions in December; BHIM overtakes CRED PhonePe has continued to tighten its grip on India’s UPI ecosystem in December with 9.81 billion customer-initiated transactions worth Rs 13.61 lakh crore, according to data compiled from NPCI disclosures. The Walmart-backed fintech held a 45.35% market share by volume and 48.68% by value among the top 10 UPI apps during the month. Google Pay retained the second position with 7.5 billion transactions, accounting for a 34.64% share of total volumes and 34.25% of overall transaction value. Paytm stayed in third place with 1.65 billion transactions in December, representing a 7.65% share by volume and 6.32% by value. Beyond the top three, activity remained fragmented. Navi reported 678 million transactions, while super.money recorded 287 million transactions during the month. The government-backed BHIM app saw 158 million transactions, while CRED slipped to eighth position with 157.25 million transactions. However, CRED registered nearly three times higher transaction value compared to BHIM. Axis Bank’s UPI apps and WhatsApp Pay remained small contributors, each accounting for less than 1% of total transaction volumes. The strong app-level numbers came as UPI overall logged one of its highest-ever monthly transactions in December, with 21.63 billion transactions worth Rs 27.97 lakh crore. The increase was mainly due to year-end spending, continued festive demand, and more people using UPI for small offline payments in tier II and tier III cities. In December, UPI transactions were led by everyday consumption categories, as groceries and supermarkets topped the chart, followed by fast food outlets, restaurants, telecom services, and fuel stations. Digital gold also saw a strong uptick during the month, recording 183.32 million transactions worth Rs 2,079.31 crore from 123.42 million transactions valued at Rs 1,215.36 crore in November.

PhonePe dominates UPI ecosystem with 49% market share in April

EntrackrEntrackr · 1y ago
PhonePe dominates UPI ecosystem with 49% market share in April
Medial

Digital payments platform PhonePe has continued to be the number one player in the unified payments interface (UPI) ecosystem with a market share of close to 49% in April 2024 across P2M (person to merchant) and P2P (person to person) transactions. PhonePe has maintained the leadership position in the overall UPI transactions for more than 40 months (since November 2020). As per the data issued by the National Payments Corporation of India (NPCI), PhonePe clocked 6.5 billion transactions via UPI out of the total transactions of 13.3 billion in the last month. This roughly translates to 48.87% market share in the UPI ecosystem which also includes players like Google Pay and Paytm, among many others. UPI transactions declined in volume in April by 1% to 13.3 billion from 13.44 billion in March. The total transaction value in the same period also fell 0.7% to Rs 19.64 trillion from Rs 19.78 trillion in March. While PhonePe and Google Pay registered 6.5 billion and 5 billion transactions respectively in March as well as in April, Paytm’s transactions slipped to 1.11 billion from 1.21 billion during the last two months. As of April, Google Pay and Paytm controlled 37.5% and 8.3% market share in the overall (P2M and P2P transactions) UPI ecosystem. Value wise, PhonePe had close to 51% market share followed by Google Pay and Paytm with 35% and 5% share respectively. For Paytm, this is the third consecutive decline in terms of monthly transactions in 2024. The trend can be seen below: In January, RBI had imposed restrictions on Paytm due to compliance concerns. This appears to be the primary reason behind the fall in UPI transactions for the Vijay Shekhar Sharma-led fintech major. The firm also saw a sharp fall in active users after January this year. Entrackr exclusively reported the development in April. Paytm later received permission from NPCI to participate in UPI through the third-party application provider (TPAP) under the multibank model. In April, CRED became the fourth largest UPI-enabled app which processed 138 million transactions. This was followed by Amazon Pay and Fampay with 64.33 and 46.64 million transactions, respectively. Government- promoted BHIM recorded 25 million transactions while WhatsApp reported over 34 million transactions in the last month. Significantly, NPCI is reportedly planning to review its decision to implement a 30% cap on the market share of UPI apps by the end of 2024.

Razorpay acquires majority stake in POP with $30 Mn investment

EntrackrEntrackr · 7m ago
Razorpay acquires majority stake in POP with $30 Mn investment
Medial

Razorpay acquires majority stake in POP with $30 Mn investment Rewards-first UPI payments app POP has raised $30 million from Razorpay to grow its payments and commerce platform. With this, Razorpay has acquired a majority stake in the Bengaluru-based startup. While POP did not share further transaction details, it will operate as a separate entity. Earlier in June last year, POP had raised $2.4 million in its seed funding round led by India Quotient and a few prominent angel investors. The fresh proceeds will be used to improve its products, grow its merchant base, and enhance its rewards program. POP started its UPI platform in June 2024. It claims to have crossed 6 lakh daily transactions and 1 million unique monthly transactions within the first year. According to the company, it fulfilled 2 lakh orders and issued over 40,000 RuPay credit cards in collaboration with Yes Bank. POP’s main feature is POPcoins, a multi-brand rewards currency that consumers earn when making payments or shopping on the platform. These POPcoins can be redeemed across POP’s extensive merchant network, offering users flexible and valuable incentives. Razorpay’s investment in POP expands its services into loyalty, engagement, and commerce. POP’s payments and rewards ecosystem lets merchants reward transactions and payments directly. Previously in September 2022, Razorpay acquired PoshVine to add loyalty and rewards to its payments stack. POP will help Razorpay serve merchants by offering payments, loyalty, and engagement services in a single platform. The development follows Razorpay’s recent announcement to shift its domicile back to India from the US. While the company has no immediate plans for a public listing, it has completed key regulatory steps, including its transition into a public limited company and securing approval for the merger of Razorpay Inc. with Razorpay India. Razorpay stands out as one of the few profitable unicorns in the fintech space, having reported revenue of Rs 2,068 crore and a profit of Rs 35 crore in FY24. The company is yet to announce its FY25 results.

UPI processes 20.47 Bn transactions in November

EntrackrEntrackr · 2m ago
UPI processes 20.47 Bn transactions in November
Medial

UPI processes 20.47 Bn transactions in November This marks the third time since its launch that UPI has crossed 20 billion monthly transactions, the earlier instances being in October and August this year. Unified Payments Interface recorded 20.47 billion transactions in November 2025, slightly below the 20.70 billion transactions reported in October, according to fresh data from NPCI. Despite the marginal month-on-month decline, UPI transactions grew 32% year on year. In terms of value, UPI reported Rs 26.32 lakh crore in November compared to Rs 27.28 lakh crore in October. While the annual growth rate stood at 22%, the monthly dip points to a mild cool off after October which was driven by festival-related spending. Average daily transactions rose to 682 million, while the average daily transaction value stood at Rs 87,721 crore, slightly below October which reported Rs 87,993 crore. In October, PhonePe continued to dominate the ecosystem with 9.4 billion UPI transactions, well ahead of Google Pay and Paytm. NPCI has not yet released the UPI app-wise distribution for November. UPI, launched by NPCI in 2016, has expanded steadily beyond India through NPCI International to enable merchant payments and cross-border transactions. It is already live in countries such as Singapore, UAE, Bhutan, Nepal, France, Sri Lanka, and Mauritius, with more overseas partnerships currently under rollout. Recently, the Reserve Bank of India said that UPI will be interlinked with TARGET Instant Payment Settlement, the instant payment system operated by the Eurosystem.

PayU and Mindgate roll out UPI NXT Stack to boost real-time payments

EntrackrEntrackr · 4m ago
PayU and Mindgate roll out UPI NXT Stack to boost real-time payments
Medial

Fintech platform PayU has launched UPI NXT Stack, marking its entry into the country’s fast-growing real-time payments space. The launch follows PayU’s recent acquisition of a majority stake in Mindgate Solutions, a leading provider of real-time payments technology. Last month, PayU, the payments and fintech arm of Prosus, increased its stake in Mindgate to 70% and became the company’s majority shareholder. The UPI NXT Stack includes two new products - UPI NXT and TPAP NXT designed to make digital payments faster, more reliable, and easier for merchants. UPI NXT aims to solve issues such as payment failures, delayed refunds, and complex integrations. It offers high-speed transactions, instant refunds, and a faster onboarding system for merchants. TPAP NXT enables businesses to integrate full-scale UPI payment features with customizable APIs and SDKs. It supports key UPI functions like virtual payment address creation, peer-to-peer transfers, merchant payments, Autopay, and one-time mandates. PayU has also partnered with NPCI to introduce two new solutions, UPI Reserve Pay and UPI Autopay Interoperability. These products will enhance customer flexibility and improve transaction success rates. UPI Reserve Pay allows users to block funds for future use, while UPI Autopay Interoperability lets customers manage payment mandates seamlessly across different apps. The company has emerged as a critical player in the growth of UPI, which recently crossed 20 billion monthly transactions, and supports banks and institutions across India, the Middle East, Southeast Asia, Europe, and the UK.

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