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PhonePe nears 9 Bn UPI transactions in July; groceries, fast food drive volumes

EntrackrEntrackr · 2d ago
PhonePe nears 9 Bn UPI transactions in July; groceries, fast food drive volumes
Medial

PhonePe nears 9 Bn UPI transactions in July; groceries, fast food drive volumes In July 2025, groceries and supermarkets led UPI transactions with 3,032 million (3.03 billion) in volume and Rs 64,882 crore in value, followed by fast food (1.22 billion) and restaurants (1.15 billion). India’s UPI ecosystem continued to be dominated by PhonePe and Google Pay in July as they jointly captured more than 81% of total customer-initiated transaction volume and value. According to data released by the National Payments Corporation of India (NPCI), UPI processed an all-time high of 19.47 billion transactions worth Rs 25.08 lakh crore in July. Out of the total, PhonePe (8.93 billion) accounted for a commanding 45.88% share in terms of volume, followed by Google Pay (6.92 billion) with 35.56%. Of the total transaction value of Rs 25,08,498.09 crore, PhonePe held 48.64%, while Google Pay contributed 35.53%. Together, Google Pay and PhonePe contributed 81.44% of total UPI volume and 84.17% of the value. Paytm stood third with 1,366.05 million transactions, translating to a 7.02% market share by volume and Rs 1,43,650.62 crore in value or 5.73% share. Navi followed with 444.06 million transactions (2.28%) and Rs 23,562.51 crore in value (0.94%). Flipkart’s super.money (252.85 million; 1.30%) and CRED (144.38 million; 0.74%) trailed significantly in volume, though CRED commanded a stronger value share of 2.20% due to higher-value transactions. FamApp by Trio captured 0.64% volume and 0.06% value share, while Amazon Pay and BHIM registered 0.52% and 0.45% of volume, contributing 0.43% and 0.58% in value, respectively. WhatsApp accounted for 0.38% of the volume and 0.22% of the value. Axis Bank Apps recorded 27.79 million transactions (0.14%) and Rs 5,483.32 crore in value (0.22%). The continued dominance of PhonePe and Google Pay shows the consolidation of India’s digital payments market, even as newer players like CRED, Navi, and super.money attempt to chip away at the duopoly with niche offerings and targeted user bases. In July 2025, groceries and supermarkets led UPI transactions with 3,032 million (3.03 billion) in volume and Rs 64,882 crore in value, followed by fast food (1.22 billion) and restaurants (1.15 billion). While service stations and telecom services saw lower volumes, they posted high values, showing larger spends per transaction. Smaller categories like digital goods, pharmacies, and bakeries reflected UPI’s growing reach across everyday purchases. While NPCI has provided category-wise data for the first time, it will take more time to penetrate every segment, as 2.2 billion transactions are still classified under the undefined category.

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UPI sets all-time high with 19.47 Bn transactions in July

EntrackrEntrackr · 15d ago
UPI sets all-time high with 19.47 Bn transactions in July
Medial

UPI sets all-time high with 19.47 Bn transactions in July Unified Payments Interface (UPI) processed an all-time high of 19.47 billion transactions worth Rs 25.08 lakh crore in July, according to data released by National Payments Corporation of India (NPCI). This marked a 5.8% rise in transaction volume and a 4.3% increase in value compared to June 2025, when UPI logged 18.40 billion transactions totaling Rs 24.04 lakh crore. The average daily transaction count also pushed higher to 628 million in July. Year-on-year, UPI maintained its strong growth momentum, with the transaction volume in July 2025 rising by 35% and the total value of transactions increasing by 22% compared to July 2024. While the breakdown numbers for UPI apps are yet to be released, PhonePe accounted for 46.5% of the total UPI volume and nearly 50% of the value as of June. Google Pay captured a 35.6% share by volume and 35% by value, while Paytm remained in third place with 6.9% of the total UPI volume and 5.6% of the value. UPI is live in countries like Bhutan, Nepal, Mauritius, Sri Lanka, Singapore, France, Oman, and the UAE. NPCI plans further expansion to Qatar, Thailand, Malaysia, and other Southeast Asian nations. The UK, Oman, Maldives, and Namibia are also exploring or initiating UPI integration. According to reports, ICICI Bank has started charging payment aggregators and large merchants a fee for UPI transactions, breaking the zero-fee model. This move marks a shift in India’s UPI system, which was previously free for merchants under a government-backed policy.

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

EntrackrEntrackr · 1y 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.

UPI records marginal dip in June with 18.4 Bn transactions

EntrackrEntrackr · 1m ago
UPI records marginal dip in June with 18.4 Bn transactions
Medial

UPI records marginal dip in June with 18.4 Bn transactions This reflects a month-on-month (MoM) dip of around 1.5% in volume and 4.4% in value. On a year-on-year (YoY) basis, UPI volumes in June grew 32%, while the transaction value rose 20%. After hitting an all-time high in May, Unified Payments Interface (UPI) transactions slightly declined in June 2025 in both volume and value. According to data released by the National Payments Corporation of India (NPCI), the platform processed 18.40 billion transactions worth Rs 24.04 lakh crore in June, compared to 18.68 billion transactions worth Rs 25.14 lakh crore in May. This reflects a month-on-month (MoM) dip of around 1.5% in volume and 4.4% in value. On a year-on-year (YoY) basis, UPI volumes in June grew 32%, while the transaction value rose 20%. The average daily transaction count stood at 613 million in June, slightly higher than 602 million in May, while the average daily transaction value was marginally lower at Rs 80,131 crore compared to Rs 81,106 crore in the previous month. The higher daily average in June is likely due to the fewer number of days in the month compared to May. As of May, PhonePe retained its lead with a 46.47% share of the total UPI volume, followed by Google Pay with a 36.09% market share. Paytm is the third-largest UPI player with a 6.84% share of the UPI volume. New entrants like Navi, Flipkart’s super.money, and Fampay by Trio are also making notable contributions to the overall UPI volume. Besides India, UPI is currently live in Bhutan, Nepal, Mauritius, Sri Lanka, Singapore, France, Oman, and the UAE. According to media reports, NPCI is also aiming to expand UPI to additional countries, including Qatar, Thailand, Malaysia, and other Southeast Asian nations, while the UK, Oman, and the Maldives have shown interest or are in the early stages of integration.

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

EntrackrEntrackr · 6m 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.

UPI transactions rise 4.4% in May to 18.68 Bn

EntrackrEntrackr · 2m 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.

UPI sets new record with more than 15 Bn transactions in Sept

EntrackrEntrackr · 10m ago
UPI sets new record with more than 15 Bn transactions in Sept
Medial

Unified Payments Interface (UPI) has achieved a significant milestone by processing over 15 billion transactions in a month for the first time in September. Data published by the National Payments Corporation of India (NPCI) indicates that UPI recorded 15.04 billion transactions valued at Rs 20.64 lakh crore or Rs 20.64 trillion. In August, the number of transactions stood at 14.96 billion, amounting to Rs 20,60,735.57 crore. This reflects a 0.5% month-on-month growth and a 42% year-on-year increase. Notably, UPI surpassed the 10 billion transaction mark for the first time in August of last year. As a result, average daily transactions have also exceeded 500 million. According to UPI data analyzed by Entrackr, UPI reached 500 million daily transactions for the first time on July 2, 2024. While the app-wise breakdown data is yet to be published by NPCI, PhonePe held a 48.36% market share by volume in August, followed by Google Pay with 37.3% and Paytm with 7.21%. CRED has emerged as the fourth largest player in UPI transactions, with new entrants like Flipkart, NAVI, and BharatPe also making strides in the consumer-facing payments sector. Sources from Entrackr indicate that Infibeam Avenues is set to enter the UPI market with its new payment app, RediffPay. In addition to its growth in India, NPCI has launched instant payment services in various countries, including Singapore, France, Mauritius, Nepal, Bhutan, Sri Lanka, and the UAE.

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