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UPI transactions rise 4.4% in May to 18.68 Bn

EntrackrEntrackr · 1m ago
UPI transactions rise 4.4% in May to 18.68 Bn
Medial

UPI transactions rise 4.4% in May to 18.68 Bn According to data released by the National Payments Corporation of India (NPCI), the total transaction value in May stood at Rs 25.14 lakh crore, compared to Rs 23.95 lakh crore in April. Unified Payments Interface (UPI) continued its upward trajectory in May 2025 with 18.68 billion transactions, a 4.4% month-on-month (MoM) increase from 17.89 billion in April. The transaction volume also reflects a 33% year-on-year (YoY) growth. According to data released by the NPCI, the total transaction value in May stood at Rs 25.14 lakh crore, compared to Rs 23.95 lakh crore in April. This marks a 5% MoM jump, while on a YoY basis, the transaction value registered a 23% growth. The daily average transaction volume in May rose to 602 million, compared to 596 million in April. The daily average transaction value stood at Rs 81,106 crore, up from Rs 79,831 crore in the previous month. In March, UPI processed 18.30 billion transactions worth Rs 24.77 lakh crore, indicating that May’s performance has surpassed both the previous months in terms of volume and value. As of April, PhonePe continued to lead among UPI apps, followed by Google Pay, Paytm, Navi, and Super.money. PhonePe held the largest share with 46.73% of all UPI transactions, processing 8.36 billion transactions. Google Pay came next with a 36% share, handling 6.48 billion transactions. Together, PhonePe and Google Pay accounted for almost 83% of the total UPI transaction volume. Recently, gold-saving app Jar also entered the consumer payments space with a UPI app in partnership with Unity Small Finance Bank as the Payment Service Provider. Entrackr exclusively reported the development on May 29.

Paytm holds steady UPI market share for two consecutive months

EntrackrEntrackr · 1y ago
Paytm holds steady UPI market share for two consecutive months
Medial

Showing signs of recovery, Paytm’s QR-based payments, and Soundbox, have retained their market share for two consecutive months in Unified Payments Interface (UPI) ecosystem despite facing restrictions on onboarding new users. Paytm secured over 8% of the overall UPI transaction market in both May and June 2024. In June, the total transactions on the Paytm platform stabilized at 1.1 billion, in line with May’s figures, according to a document seen by Entrackr. Since becoming a Third-Party Application Provider (TPAP) in March, Paytm has managed to maintain its position as the third-largest player by UPI market share after PhonePe and Google Pay, as per the document. In terms of transaction value, Paytm processed Rs 1.2 trillion (Rs 1.2 lakh crore) worth of UPI transactions in June, repeating its performance in May. The company remains amongst the leading players in the peer-to-merchant (P2M) segment due to its extensive merchant network. Despite a slight dip in overall UPI transactions, Paytm has stayed in the fray as the market continues to be dominated by PhonePe and Google. 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. The latest volume and value break up for PhonePe and Google Pay are yet to be disclosed by NPCI. In May, the duo accounted for 48.6% and 37% market share by volume, respectively. Paytm’s UPI is supported by partnerships with major banks like Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank. The company also has UPI Lite and Rupay credit card on UPI. As per reports, NPCI is also likely to review the 30% cap on the market share of third party UPI apps such as PhonePe and Google Pay.

Paytm’s woes trigger fresh worries on UPI market share duopoly

Economic TimesEconomic Times · 1y ago
Paytm’s woes trigger fresh worries on UPI market share duopoly
Medial

The dominance of two major players, PhonePe and Google Pay, in the Unified Payments Interface (UPI) market has raised concerns about market concentration and lack of competition. As of February 2024, PhonePe accounted for 50% of UPI transactions, while Google Pay held a 39% share. The 30% market cap deadline, initially set for January 2023 and then extended to the end of 2024, has prompted uncertainty about its implementation. Startups are hesitant to invest in UPI due to the absence of monetization opportunities and the challenge of competing against established players. The Reserve Bank of India is considering penalties or mechanisms to regulate market share, while industry experts suggest creating scale-based regulations for dominant payment players. The future of UPI market dynamics remains uncertain without intervention.

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.

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