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UPI transactions decline in February but remain strong YoY

EntrackrEntrackr · 8m 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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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 see decline in UPI transactions in Sept; gaming payments collapse

EntrackrEntrackr · 15d ago
PhonePe, G-Pay see decline in UPI transactions in Sept; gaming payments collapse
Medial

PhonePe, G-Pay see decline in UPI transactions in Sept; gaming payments collapse September witnessed a steady performance in India’s Unified Payments Interface (UPI) ecosystem, with a total of 19,633.43 million transactions processed during the month. While transaction volumes saw a marginal decline compared to August, the total value of payments rose slightly to Rs 24,89,736.54 crore. PhonePe retained its position as the market leader, accounting for around 45.6% of the total transaction volume and 48.4% of the total transaction value. Google Pay followed with a 34.8% share by volume and 35.1% by value, while Paytm held the third spot with 7.1% of the volume and 5.8% of the value. Comparing these figures to August, PhonePe's market share by volume saw a slight decrease from 45.74% to 45.6%, while its share by value remained stable at 48.4%. Google Pay experienced a marginal decline in both volume and value market shares, from 35.30% and 35.55% respectively in August to 34.8% and 35.1% in September. Paytm's market share remained relatively unchanged, with a slight increase from 7.0% in August to 7.1% by volume. Emerging players such as Navi and super.money expanded their presence in the UPI space, though their market shares remain modest. Navi recorded 2.7% of transaction volume and just over 1% of value, while super.money accounted for 1.3% of volume and 0.4% of value. In September, groceries and supermarkets led UPI merchant categories with 3,126.25 million transactions worth Rs 66,409 crore. Fast food outlets, restaurants, fuel stations, telecom, and utility payments also saw strong activity, reflecting continued consumer reliance on UPI for both essential and everyday purchases. Importantly, transactions for digital goods, including gaming, fell drastically. The actual numbers, including transactions related to the purchase of in-game currency, cosmetic skins, and virtual real estate, might have been included in other transactions reported by NPCI. This decline can be attributed to the Indian government’s ban on real-money gaming platforms in mid-August. Update: The earlier version of the headline and story mentioned zero transactions from digital goods. However, these may be included in other transactions in NPCI data. The information has been updated accordingly.

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