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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.

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

EntrackrEntrackr · 1y 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, G-Pay reach peak UPI volumes in May; Super.money maintains lead over CRED

EntrackrEntrackr · 8m ago
PhonePe, G-Pay reach peak UPI volumes in May; Super.money maintains lead over CRED
Medial

PhonePe, G-Pay reach peak UPI volumes in May; Super.money maintains lead over CRED In May, UPI recorded a total of 18.67 billion customer-initiated transactions amounting to Rs 25.14 lakh crore. Of these, 6.82 billion (36%) transactions valued at Rs 18.17 lakh crore (72%) were peer-to-peer (P2P), while the remaining 11.85 billion transactions worth Rs 6.96 lakh crore were peer-to-merchant (P2M). PhonePe and Google Pay continued their dominance in the UPI ecosystem in May 2025, maintaining their positions as the top two apps by both transaction volume and value. As per the latest NPCI data, PhonePe retained its lead with 8.68 billion transactions in May, which translates to a 46.47% share of the total volume among the top players. In terms of transaction value, the app processed Rs 12.56 lakh crore and controlled a 49.97% share. Google Pay followed closely with 6.74 billion transactions and Rs 8.85 lakh crore in value, capturing 36.09% and 35.20% of the volume and value shares, respectively. For PhonePe and Google Pay, May marked their highest transaction volumes since their previous peaks of 8.64 billion and 6.59 billion, respectively, in March. Together, these two apps handled more than 80% of all customer-initiated UPI transactions in the country. Paytm maintained its position in third place by processing 1.27 billion transactions and Rs 1.38 lakh crore in value. However, its 6.84% share of the transaction volume compared to a 5.49% share of value indicates that its users largely engage in low-ticket payments. CRED, on the other hand, stood out for its performance in high-value transactions. Despite accounting for just 141.95 million transactions (0.76% of the volume), CRED recorded a transaction value of Rs 55,242.72 crore, which translates into a 2.20% share of the total value processed. In terms of volume, Navi and Flipkart’s Super.money are ahead of CRED with 386.21 million and 203 million transactions, respectively. Axis Bank apps, which also handled 96.92 million B2C transactions, captured the 7th position. Fampay by Trio (110.38 million), Amazon Pay (98.68 million), and WhatsApp (70.19 million) held the 8th, 9th, and 10th positions, respectively. Super.money overtook CRED to become the fifth-largest UPI app in February and has maintained its lead over the fintech unicorn ever since.

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