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

EntrackrEntrackr · 9m 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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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.

UPI records marginal dip in June with 18.4 Bn transactions

EntrackrEntrackr · 6d 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.

UPI transactions decline in February but remain strong YoY

EntrackrEntrackr · 4m ago
UPI transactions decline in February but remain strong YoY
Medial

UPI transactions decline in February but remain strong YoY Unified Payments Interface (UPI) recorded 16.11 billion transactions in February 2025, reflecting a slight 5.2% decline from January’s 16.99 billion transactions, according to data released by NPCI. However, on a year-on-year (YoY) basis, UPI transactions surged 33% compared to February 2024. In terms of transaction value, UPI processed Rs 21.96 lakh crore in February, down 6.5% from Rs 23.48 lakh crore in January 2025. Despite the monthly dip, the transaction value witnessed 20% YoY growth. A seasonal dip in February, which has fewer days than January, is a common trend for UPI. The daily transaction average in February stood at 575 million, slightly higher than 548 million in January. The average daily transaction value also increased to Rs 78,446 crore in February from Rs 75,743 crore in January. While UPI transactions saw a slight pullback from the record figures in January, the YoY growth signals a steady upward trend. In January, PhonePe led the chart with 8.1 billion transactions, followed by Google Pay with 6.18 billion, while Paytm secured the third spot, processing 1.15 billion transactions. The monthly breakdown for February has yet to be released. NPCI Chief Dilip Asbe recently revealed that UPI has 450 million users, with 200 million active daily. He emphasized the need for RBI, the government, and financial institutions to support strategies aimed at onboarding 200-300 million more users. NPCI is also set to establish a 5,000-capacity research and development (R&D) center to accelerate innovation in payments technology and strengthen global collaborations.

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