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PhonePe Tops UPI Chart With 6.5 Bn Transactions In April
Inc42
·
1y ago
Medial
PhonePe continues to dominate the UPI ecosystem in India with a market share of 48.87%, processing 6.5 billion transactions out of a total of 13.3 billion in April. Google Pay and Paytm retained their second and third positions with a market share of 37.5% and 8.3% respectively. CRED secured the fourth spot, while Amazon Pay, Fampay, and BHIM also made notable transaction numbers. Despite a slight decline in transaction volume and value, PhonePe remains a strong player due to its continued investments in subsidiaries. Paytm, however, has experienced a decline in transactions since regulatory measures were imposed on its payments bank.
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Related News
UPI transactions rise 4.4% in May to 18.68 Bn
Entrackr
·
2m ago
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.
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PhonePe dominates UPI ecosystem with 49% market share in April
Entrackr
·
1y ago
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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PhonePe, Google Pay Accounted For 85% Of UPI Transactions In May
Inc42
·
1y ago
Medial
PhonePe dominated UPI transactions in May, with a 48.6% share, while Google Pay accounted for 37%. Paytm experienced a 2% growth in transactions to 114 crore after a decline in April. Navi processed nearly double the UPI transactions in May compared to April.
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UPI transactions dip marginally to 17.89 Bn in April
Entrackr
·
3m ago
Medial
Since April has 30 days compared to March's 31, adding one day's average daily transaction volume to April's total UPI volume would bring it on par with March’s transaction count. Unified Payments Interface (UPI) registered 17.89 billion transactions in April, marking a marginal 2.24% decline from the 18.30 billion transactions recorded in March. The transaction volume in value terms also saw a slight month-on-month drop of 3.3%, settling at Rs 23.95 lakh crore in April compared to Rs 24.77 lakh crore in the previous month. Despite the dip, year-on-year growth remained strong. April’s transaction count reflected a 34% year-on-year rise, while the transaction amount saw a 22% jump compared to the same month last year. According to NPCI data, the average daily transaction count for April stood at 596 million, up from 590 million in March. The average daily transaction value also slightly increased to Rs 79,831 crore from Rs 79,910 crore in March. Since April has 30 days compared to March's 31, adding one day's average daily transaction volume to April's total UPI volume would bring it on par with March’s transaction count. The small dip in April is likely attributable to the fewer number of business days in the month and possibly the stabilization after March's financial year-end rush. PhonePe, as usual, maintained its leadership among top UPI apps as of March, followed by Google Pay, Paytm, Navi, and Super.money. With a commanding 47.25% market share by transaction volume, PhonePe processed 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. 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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Flipkart’s UPI Hits Record 5 Mn Transactions In March
Inc42
·
1y ago
Medial
In March, Google Pay and PhonePe, two of the leading UPI transaction platforms in India, processed 5 billion transactions worth INR 7 lakh crore and 6.5 billion transactions worth INR 10 lakh crore respectively. Flipkart, backed by Walmart, saw 5 million UPI transactions worth INR 197.24 crore in its first month of launching UPI services. Flipkart's UPI transactions were higher than those of Jio Payments Bank apps and other banking apps, according to NPCI data. The total UPI transactions volume for March was around 13 billion. Google Pay, PhonePe, Paytm, CRED, and Amazon Pay continue to dominate the UPI landscape.
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Paytm’s UPI Transactions Drop Further In March; PhonePe, GPay Log Gains
Inc42
·
1y ago
Medial
Paytm, one of India's leading digital payment companies, experienced a marginal decline in its UPI transactions in March, processing around 1.2 billion transactions. Meanwhile, competitors PhonePe and Google Pay saw an increase in transaction volume. PhonePe recorded 6.5 billion transactions, while Google Pay processed 5 billion transactions. Cred, ranking as the fourth largest UPI app, reported 132 million transactions in March. Paytm has been losing market share in UPI and recently transferred its UPI payments to several major banks. NPCI is monitoring market share dynamics and plans to implement a cap on single payment app market share at 30% by year-end.
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Paytm UPI payments drop further in March; PhonePe, Google Pay show gains
Economic Times
·
1y ago
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.
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UPI transactions cross 11 Bn for second month in November
Entrackr
·
1y ago
Medial
In November, India's Unified Payments Interface (UPI) recorded 11.24 billion transactions worth Rs 17.40 lakh crore (Rs 17.40 trillion), a slight dip from the previous month. This marks the second time UPI crossed the 11 billion transaction mark in a month. PhonePe emerged as the leading contributor to UPI transactions with over 5 billion transactions in October. Google Pay and Paytm followed with 4.13 billion and 1.41 billion transactions respectively. UPI has expanded its operations globally, entering countries like France, Bhutan, Nepal, Singapore, and soon Sri Lanka and the UAE. NPCI has also mandated third-party UPI apps to deactivate inactive UPI IDs and numbers.
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UPI transaction crosses 10 Bn for second consecutive month
Entrackr
·
1y ago
Medial
The Unified Payments Interface (UPI) has crossed 10 billion transactions for the second consecutive month, recording 10.56 billion transactions worth Rs 15.8 lakh crore (Rs 15.8 trillion) in September. The transaction volume remained flat compared to August, but industry experts anticipate increased UPI adoption in the future, potentially reaching 1 billion transactions per day. PhonePe currently holds 47% market share in terms of volume, with Google Pay and Paytm also recording significant transaction numbers. The UPI service has expanded to several countries and recently launched India's first UPI-ATM.
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PhonePe hits 8 Bn UPI transactions in Jan; WhatsApp back in top 10
Entrackr
·
5m ago
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.
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