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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.

PhonePe and G-Pay dominate UPI volume in July; Navi sees 2X spike

EntrackrEntrackr · 11m ago
PhonePe and G-Pay dominate UPI volume in July; Navi sees 2X spike
Medial

Unified payments interface (UPI) saw a 3.95% month-on-month growth in volume to 14.44 billion in July from 13.89 billion in June. While PhonePe and Google Pay maintained their market share in the last month, Paytm registered a minor decline. As per data published by National Payments Corporation of India (NPCI), PhonePe clocked 6.98 billion transactions in July followed by Google Pay and Paytm with 5.34 billion and 1.12 billion transactions, respectively. This translates into 48.3% market share for PhonePe, 37% for Google and 7.82% for Paytm. In June, PhonePe had 48.3% market share in UPI as of June followed by Google Pay and Paytm with 36.7% and nearly 8% market share. Value wise, PhonePe’s market share declined from 50.27% in June to 49.85% in July and Paytm’s market share also fell by a small margin to 5.98%. Google Pay’s value market share improved from 35% to 35.6%. The decline in market share for top players can be attributed to the entry of new players such as CRED, NAVI, Groww, Slice and Flipkart UPI which have been eating up a decent chunk of the volumes of leading apps. As per NPCI data, CRED was the fourth largest player in UPI, accompanied by Axis Bank Apps, Amazon Pay, Navi, ICICI Bank Apps, Fampay by Trio, and Kotak Mahindra Bank Apps. After much hype, WhatsApp Pay managed to get 11th position ahead of other notable apps such as BHIM, Groww, Slice, MobiKwik and Flipkart UPI. Among the new players, Sachin Bansal-led Navi nearly doubled its transactions from 35 million in June to 68 million in July. UPI is set to reach new heights in the coming months as it crossed the milestone of processing 500 million transactions daily for three times in August. Overall, this [August 5] was the fourth instance when UPI has crossed the milestone since its inception in April 2016. Notably, NPCI has set a target of clocking 1 billion transactions per day by 2026-27.

PhonePe, G-Pay hold 82% UPI share in June; BHIM back in top 10 after long hiatus

EntrackrEntrackr · 5d ago
PhonePe, G-Pay hold 82% UPI share in June; BHIM back in top 10 after long hiatus
Medial

PhonePe, G-Pay hold 82% UPI share in June; BHIM back in top 10 after long hiatus India’s UPI network saw 18.4 billion transactions worth Rs 24.04 lakh crore in June, slightly lower than the previous month, as per NPCI data. Despite the dip, PhonePe and Google Pay continued to lead the space, together handling over 82% of all UPI transactions by volume. PhonePe led the chart once again with 8.55 billion transactions and a total value of Rs 11.99 lakh crore. It held 46.5% of the total UPI volume and nearly 50% of the value. Google Pay followed with 6.54 billion transactions and Rs 8.41 lakh crore in value, capturing a 35.6% share by volume and 35% by value. Paytm stayed in third place with 1.27 billion transactions worth Rs 1.34 lakh crore. The Noida-based company controlled 6.9% of the total UPI volume and 5.6% of the value. Among emerging players, super.money leads CRED in terms of transaction volume but lags significantly in value. New-age platforms Navi and FamApp by Trio posted 406 million and 113 million transactions, respectively. Navi recorded Rs 21,815 crore in value, while FamApp stood at a modest Rs 1,440 crore. Amazon Pay and BHIM recorded 93 million and 73 million customer-initiated transactions, respectively, with values of Rs 9,942 crore and Rs 11,726 crore. Government-promoted BHIM re-entered the top 10 UPI apps by volume after a 17-month gap. Private bank-led UPI apps such as Axis Bank Apps had minimal volume (24 million) but processed Rs 5,231 crore. Notably, it was the only app to report B2C UPI transactions, handling 102 million transactions worth Rs 4,155 crore in this category. Apart from India, UPI is currently operational in Bhutan, Nepal, Mauritius, Sri Lanka, Singapore, France, Oman, and the UAE. According to media reports, NPCI plans to expand UPI to more countries, including Qatar, Thailand, Malaysia, and other Southeast Asian nations. Meanwhile, the UK, Oman, and the Maldives have either shown interest or begun early-stage integration. Namibia is also set to roll out UPI services later in 2025.

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.

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

EntrackrEntrackr · 9m 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.

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

EntrackrEntrackr · 11m 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.

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