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Paytm UPI payments drop further in March; PhonePe, Google Pay show gains

Economic TimesEconomic Times · 1y ago
Paytm UPI payments drop further in March; PhonePe, Google Pay show gains
Medial

Paytm, a leading digital payments company, experienced a slight decline in Unified Payments Interface (UPI) transactions in March. While Paytm processed around 1.2 billion UPI transactions, down from 1.3 billion in February and 1.4 billion in January, its competitors PhonePe and Google Pay saw an increase in transaction volumes. Google Pay processed 5 billion transactions in March, while PhonePe processed 6.5 billion transactions. Paytm has been steadily losing market share on UPI and has shifted its UPI payments to four large banks. Overall, UPI payments rose to 13.4 billion in March. NPCI is closely monitoring the market share dynamics as there is a regulatory mandate to restrict any single payment application from exceeding 30% market share on UPI.

UPI transactions surge 13.6% in March

EntrackrEntrackr · 3m ago
UPI transactions surge 13.6% in March
Medial

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.

Flipkart’s Super.money pushes CRED out of top 5 UPI app in Feb

EntrackrEntrackr · 3m ago
Flipkart’s Super.money pushes CRED out of top 5 UPI app in Feb
Medial

Flipkart’s Super.money pushes CRED out of top 5 UPI app in Feb The Unified Payments Interface (UPI) recorded a 5.2% decline in transaction volume, totaling 16.11 billion in February 2025. While the top three UPI apps—PhonePe, Google Pay, and Paytm—continued to dominate the market, Flipkart’s Super.money entered the top five for the first time. PhonePe accounted for 47.54% of transaction volume (7,656.40 million) and 50.94% of the total value (Rs 11,18,963.81 crore). Google Pay secured the second position, processing 5,836.80 million transactions (36.24% volume share) worth Rs 7,71,089.15 crore (35.11% value share). Paytm recorded 6.70% volume share and Rs 1,17,090.29 crore in value (5.33% value share). Among smaller players, Cred stood out with Rs 45,127.72 crore in transactions (2.05% value share), despite a 0.79% volume share. Navi and Super.money held minor shares, processing 260.75 million and 139.10 million transactions, respectively. In terms of volume, Super.money has replaced CRED to become the 5th largest UPI app in the last month. As UPI adoption continues to grow, PhonePe and Google Pay control over 83% of the market, with Paytm striving to stay competitive. NPCI Chief Dilip Asbe recently revealed that UPI has 450 million users, with 200 million active daily. He emphasized the need for RBI, the government, and financial institutions to support strategies aimed at onboarding 200-300 million more users.

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.

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