🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

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.

Related News

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.

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

EntrackrEntrackr · 4m 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, G-Pay lead UPI transactions in December; Paytm struggles

EntrackrEntrackr · 6m ago
PhonePe, G-Pay lead UPI transactions in December; Paytm struggles
Medial

PhonePe, G-Pay lead UPI transactions in December; Paytm struggles In December, the market share of the top three UPI apps by transaction volume saw PhonePe leading with a dominant share of 47.7%. Google Pay followed with a strong 36.7%. The UPI payment ecosystem continued to see dominance from PhonePe and Google Pay in December 2024, with both platforms recording substantial transaction volumes and values. While PhonePe led the market in both transaction volume and value, Google Pay maintained a strong second-place position. According to the latest data, PhonePe registered 7.98 billion transactions with a total transaction value of Rs 11.76 lakh crore. Meanwhile, Google Pay recorded a transaction volume of 6.1 billion and a value of Rs 8.22 lakh crore for the month. On the other hand, Paytm, a key player in the digital payments space, struggled to keep pace with its competitors. It recorded a relatively smaller transaction volume of 1.15 billion, with a total value of Rs 1.25 lakh crore. In December, the market share of the top three UPI apps by transaction volume saw PhonePe leading with a dominant share of 47.7%. Google Pay followed with a strong 36.7%, while Paytm captured a smaller share of 6.87%. In terms of value, the trio’s market share stood at 50.6%, 35.38%, and 5.4% respectively. While PhonePe and Google Pay saw a slight increase in their market share compared to November, Paytm experienced a small decline, with its market share dropping from 6.95% in volume and 5.48% in value. Citing NPCI data, brokerage firm UBS said that Paytm did not gain any UPI market share in December, despite the company receiving clearance to add customers in October. Additionally, the Noida-based company’s shares dropped by 7.5% on Wednesday. Navi, which recently emerged as the fourth-largest player in terms of UPI volume, processed 202.53 million transactions amounting to Rs 11,317.09 crore, while Cred recorded 143.07 million transactions, valued at Rs 50,979.94 crore. As the competition heats up, NPCI has extended the compliance timeline for TPAPs exceeding the volume cap in UPI by two years. The Dilip Asbe-led firm also allowed Meta-owned WhatsApp to extend UPI services to its entire user base across the country. In December, WhatsApp recorded 57.7 million transactions worth Rs 4,348.19 crore and is ranked 11th among UPI-based apps.

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 hits 8 Bn UPI transactions in Jan; WhatsApp back in top 10

EntrackrEntrackr · 5m ago
PhonePe hits 8 Bn UPI transactions in Jan; WhatsApp back in top 10
Medial

The Unified Payments Interface (UPI) achieved a significant milestone in January, processing nearly 17 billion transactions valued at Rs 23.48 lakh crore. This marks a 39% year-on-year increase in transaction volume and a 28% rise in transaction value. As anticipated, this growth was driven by the three leading apps—PhonePe, Google Pay, and Paytm—while several newly launched apps also made notable contributions. PhonePe leads the chart with 8.1 billion transaction volume and a value of Rs 11,91,303.98 crore. Google Pay follows closely with 6.18 billion transactions valued at Rs 8,26,845.07 crore. Paytm secures the third spot, processing 1.15 billion transactions worth Rs 1,26,313.45 crore. The remaining apps, including Navi, Cred, and Amazon Pay, contribute notable but comparatively smaller transaction volumes and values. In terms of market share, the top three apps—PhonePe, Google Pay, and Paytm—dominate the landscape. PhonePe commands a 47.67% market share by volume and a 50.74% share by value. Google Pay holds a 36.38% share by volume and a 35.21% share by value. Paytm, while trailing, maintains a 6.78% share by volume and a 5.38% share by value. WhatsApp, recently authorized by NPCI to extend UPI services to its entire user base across India, has re-entered the top 10 UPI apps. The Meta-owned company has secured a spot in the top 10 for the first time since October 2024. As competition intensifies, NPCI has extended the compliance timeline by two years for TPAPs exceeding the UPI volume cap. As a result, the dominance of the top three players is expected to continue until then. NPCI Chief Dilip Asbe recently revealed that around 450 million users are currently using UPI, with nearly 200 million active daily users. He stressed the importance of strong support from the Reserve Bank of India (RBI), the government, and the financial ecosystem to develop strategies for onboarding an additional 200-300 million users onto the UPI platform.

PhonePe, G-Pay lead UPI market share; Navi surpasses CRED to enter top 4

EntrackrEntrackr · 7m ago
PhonePe, G-Pay lead UPI market share; Navi surpasses CRED to enter top 4
Medial

The Unified Payments Interface (UPI) recorded a 10% month-on-month rise in transaction volume in October, driven by increased activity from both existing participants and new entrants in the ecosystem. Digital payments platform PhonePe retained its position as the market leader with 7.9 billion customer-initiated transactions worth Rs 11,69,290 crore. Google Pay came in second with 6.2 billion transactions valued at Rs 8,49,327 crore. PhonePe and Google Pay saw an upward trajectory in both volume and value, whereas Paytm (OCL) maintained its third-place position with 1.16 billion transactions valued at Rs 1,29,584 crore. Despite the surge in transactions, PhonePe’s market share saw a minor drop to 47.66% in October from 48% in September. Google Pay and Paytm’s market share by volume remained unchanged. The trio collectively control more than 90% market share in UPI. In terms of value, PhonePe had 49.76% market share, again a minor decline from 49.95% in September. Google Pay and Paytm saw no change in their market share by value. Other notable players include Navi and CRED, with 157.5 million and 152.3 million transactions, respectively. For the first time, Navi has surpassed CRED to become the fourth-largest player in UPI by volume. However, CRED's higher transaction value of Rs 55,202 crore against Navi’s Rs 8,841 crore highlights its growing importance in high-value payments. Emerging players like FamApp by Trio and WhatsApp recorded modest but promising growth in the competitive UPI space. Recently, NPCI approved Paytm to onboard new UPI users. The firm also increased transaction limits for UPI payments, UPI Lite Wallet, and UPI 123Pay to boost digital adoption and support the government’s goal of 1 billion daily transactions by 2026-27.

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.

Download the medial app to read full posts, comements and news.