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PhonePe continues to rule UPI transactions with over 45% market share in Feb

EntrackrEntrackr · 2d ago
PhonePe continues to rule UPI transactions with over 45% market share in Feb
Medial

PhonePe continues to rule UPI transactions with over 45% market share in Feb According to NPCI data, PhonePe processed 9.28 billion transactions worth Rs 13,10,392.95 crore. The Walmart-backed app held 45.5% share of total UPI transaction volume and 48.8% share by value during the month. PhonePe continued to dominate India’s UPI ecosystem among third-party apps in February, while Google Pay and Paytm retained the second and third positions, respectively. According to NPCI data, PhonePe processed 9.28 billion transactions worth Rs 13,10,392.95 crore. The Walmart-backed app held 45.5% share of total UPI transaction volume and 48.8% share by value during the month. Google Pay followed with 6.76 billion transactions worth Rs 9,03,051.60 crore. The platform accounted for 33.2% share by volume and 33.6% by value. Paytm secured the third position after recording 1.59 billion transactions worth Rs 1,74,128.86 crore, translating to 7.8% share in volume and 6.5% in value. The top three apps reported slightly lower transaction counts than January due to the shorter month. In January, PhonePe processed 9.91 billion transactions, Google Pay handled 7.23 billion, and Paytm recorded 1.66 billion transactions, when the UPI network logged 21.7 billion transactions overall. Among other fintech apps, Navi ranked fourth after processing 650.28 million transactions worth Rs 36,563 crore. Super.money followed with 289.32 million transactions worth Rs 12,314.08 crore. The government-backed BHIM app recorded 175.93 million transactions worth Rs 21,263.92 crore. FamApp by Trio processed 149.06 million transactions valued at Rs 1,898.62 crore. CRED stood at the eighth position after recording 145.98 million transactions. The platform reported a relatively higher transaction value of Rs 54,045.92 crore, reflecting higher ticket sizes. Among bank-owned platforms, Axis Bank Apps processed 132.11 million transactions worth Rs 12,157.93 crore, including customer-initiated and B2C payments. WhatsApp Pay rounded off the top ten after processing 112.89 million transactions worth Rs 8,557.08 crore. Overall, the UPI ecosystem processed 20,394.18 million transactions worth Rs 26,84,229.29 crore in February. The month recorded a marginal dip compared to January due to fewer days, although daily activity remained strong as the average daily transaction count rose to 728 million from 700 million in January.

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

EntrackrEntrackr · 1y 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 captures 50% UPI market share by value in August

EntrackrEntrackr · 1y 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.

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.

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.

PhonePe widens lead over G-Pay in March; CRED’s UPI ranking slips to 7th

EntrackrEntrackr · 11m 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.

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