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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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UPI sets new record in May with 14 billion transactions worth over Rs 20 trillion

EntrackrEntrackr · 1y ago
UPI sets new record in May with 14 billion transactions worth over Rs 20 trillion
Medial

Unified Payments Interface (UPI) has set another record as it processed more than 14 billion transactions worth Rs 20.45 lakh crore or Rs 20.45 trillion in May, according to data issued by the National Payments Corporation of India (NPCI). UPI saw a 5% jump in volume and a 4% surge in value of transactions in May compared to April. This is a new high in terms of volume and value for UPI which began its operations in April 2016. Last month, the volume of transactions declined 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. The transaction count is expected to rise in the coming months as NPCI is expanding UPI services to more countries. Besides India, it is also available in countries such as Singapore, Malaysia, UAE, France, Nepal, UK, Mauritius, and Sri Lanka. Going forward, the Reserve Bank of India along with NPCI have plans to take UPI to 20 countries by FY29. In its annual report, RBI also said that nearly four out of five digital payments in the country were conducted on the UPI in FY24. As of April, PhonePe had 48.87% market share in the UPI ecosystem. This was followed by Google Pay and Paytm which controlled 37.5% and 8.3% market share in UPI respectively. Value wise, PhonePe had close to 51% market share followed by Google Pay and Paytm with 35% and 5% share respectively. The break up data for May is yet to be released by NPCI. NPCI is reportedly considering reviewing its decision to implement a 30% cap on the market share of UPI apps by the end of 2024. Meanwhile, industry stalwarts Adani Group and Mukesh Ambani-backed Reliance Group are also gearing up to enter the UPI and digital bank ecosystem. As per media reports, Adani Group is considering seeking for a license to operate on the UPI while Jio Financial announced a new app called JioFinance.

UPI in May: PhonePe maintains domination, Paytm sees marginal growth

EntrackrEntrackr · 1y ago
UPI in May: PhonePe maintains domination, Paytm sees marginal growth
Medial

Digital payments platform PhonePe has maintained its top position in the Unified Payments Interface (UPI) ecosystem with a market share of more than 48% in May 2024. In May, UPI set a new record by processing more than 14 billion transactions worth Rs 20.45 lakh crore or Rs 20.45 trillion for the first time since its inception in 2016. As per the data issued by the National Payments Corporation of India (NPCI), PhonePe recorded 6.8 billion transactions via UPI out of the total transactions of 14 billion in the last month. Google Pay and Paytm processed 5.2 billion and 1.14 billion transactions, respectively. While PhonePe processed Rs 10.33 lakh crore (Rs 10.33 trillion) in May, Google Pay and Paytm’s value of transactions were recorded at Rs 7.2 lakh crore (Rs 7.2 trillion) and Rs 1.24 lakh crore (Rs 1.24 trillion, respectively. With this, PhonePe controls 48.6% market share by volume and Google Pay has 37% whereas Paytm has 8%. Value wise, the market share of the trio stood at 50.5%, 35% and 6%, respectively. The breakup of market share in April was almost the same. Paytm saw a marginal increase in its transactions in May after facing a decline for consecutive three months (February, March and April). This is a good sign for the company which had to go through restrictions imposed by the Reserve Bank of India earlier this year. In the past few months, UPI saw a new trend with the government-promoted BHIM has been in continuous decline. Moreover, CRED, Amazon Pay, WhatsApp and NAVI have recorded more transactions than the former. Notably, Fampay has recorded 50 million transactions in the last month, more than double to BHIM. As reported earlier, NPCI is also considering reviewing its decision to implement a 30% cap on the market share of UPI apps by the end of 2024. The decision will impact the transaction volume of third party apps like PhonePe and Google Pay.

PhonePe, G-Pay lead UPI transactions in December; Paytm struggles

EntrackrEntrackr · 5m 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 and G-Pay dominate UPI volume in July; Navi sees 2X spike

EntrackrEntrackr · 10m 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 and G-Pay lead UPI volume in April, CRED targets high-value transfers

EntrackrEntrackr · 1m ago
PhonePe and G-Pay lead UPI volume in April, CRED targets high-value transfers
Medial

Fintech platform PhonePe further cemented its dominance in India’s UPI ecosystem in April 2025, maintaining the top spot in both transaction volume and value. The fintech unicorn processed 8,362.31 million UPI transactions worth Rs 12.05 lakh crore. This gave it 46.73% of the total volume and 50.32% of the total value among the top 10 UPI apps. Google Pay held on to second place, with 6,488.55 million transactions worth Rs 8.42 lakh crore. This translates to 36.26% share by volume and 35.18% by value. Paytm came in third, processing 1,210.24 million transactions valued at Rs 1.31 lakh crore, accounting for 6.76% of the volume and 5.48% of the value. CRED shines in high-value payments Navi and super.money took the fourth and fifth positions in terms of volume, with CRED slipping to sixth. However, CRED continued to outperform smaller players in terms of value. The platform processed Rs 49,753 crore through just 134.67 million transactions. This gave the credit-focused app a modest 0.75% share of total volume but a much higher 2.08% share in value. **Other players and total UPI picture** Axis Bank Apps, FamApp by Trio, Amazon Pay, and WhatsApp made up the rest of the top 10. WhatsApp, backed by Meta, was the lowest performer with 67.40 million transactions totaling Rs 5,065.44 crore. In total, UPI processed 17,893.42 million UPI transactions amounting to Rs 23.94 lakh crore in value in April 2025. PhonePe and Google Pay together handled over 82% of UPI transactions and 85% of the total value, clearly dominating India’s digital payments market.

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