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UPI transactions decline in February but remain strong YoY

EntrackrEntrackr · 10m 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.

UPI processes 20.47 Bn transactions in November

EntrackrEntrackr · 25d ago
UPI processes 20.47 Bn transactions in November
Medial

UPI processes 20.47 Bn transactions in November This marks the third time since its launch that UPI has crossed 20 billion monthly transactions, the earlier instances being in October and August this year. Unified Payments Interface recorded 20.47 billion transactions in November 2025, slightly below the 20.70 billion transactions reported in October, according to fresh data from NPCI. Despite the marginal month-on-month decline, UPI transactions grew 32% year on year. In terms of value, UPI reported Rs 26.32 lakh crore in November compared to Rs 27.28 lakh crore in October. While the annual growth rate stood at 22%, the monthly dip points to a mild cool off after October which was driven by festival-related spending. Average daily transactions rose to 682 million, while the average daily transaction value stood at Rs 87,721 crore, slightly below October which reported Rs 87,993 crore. In October, PhonePe continued to dominate the ecosystem with 9.4 billion UPI transactions, well ahead of Google Pay and Paytm. NPCI has not yet released the UPI app-wise distribution for November. UPI, launched by NPCI in 2016, has expanded steadily beyond India through NPCI International to enable merchant payments and cross-border transactions. It is already live in countries such as Singapore, UAE, Bhutan, Nepal, France, Sri Lanka, and Mauritius, with more overseas partnerships currently under rollout. Recently, the Reserve Bank of India said that UPI will be interlinked with TARGET Instant Payment Settlement, the instant payment system operated by the Eurosystem.

UPI records marginal dip in June with 18.4 Bn transactions

EntrackrEntrackr · 5m 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 in June: PhonePe, Google Pay see marginal decline, Paytm records flat growth

EntrackrEntrackr · 1y ago
UPI in June: PhonePe, Google Pay see marginal decline, Paytm records flat growth
Medial

Digital payments platforms PhonePe and Google Pay saw a marginal decline in their total volume and value processed through Unified Payments Interface (UPI) in June while the third largest player Paytm recorded a flat growth in the last month. Overall, UPI saw a marginal dip of 1% in total transaction volume to 13.9 billion in June from 14 billion in May. During the period, the transaction value also reduced by a thin margin to Rs 20.07 lakh crore from Rs 20.45 lakh crore. As per data disclosed by NPCI, PhonePe processed 6.7 billion transactions worth Rs 10.09 lakh crore in June while Google Pay and Paytm’s transactions were recorded at 5.1 billion worth Rs 7.07 lakh crore and Rs 1.1 billion worth Rs 1.2 lakh crore respectively. Volume wise, PhonePe had 48.3% market share in UPI in June followed by Google Pay and Paytm with 36.7% and nearly 8% market share. In May, PhonePe processed Rs 10.33 lakh crore whereas Google Pay and Paytm’s value of transactions were recorded at Rs 7.2 lakh crore and Rs 1.24 lakh crore, respectively. In terms of volume, the trio registered 6.8 billion, 5.2 billion and 1.14 billion transactions, respectively. Paytm, which is supported by partnerships with major banks like Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank for UPI, has retained its market share for two consecutive months in the UPI ecosystem despite facing restrictions on onboarding new users. A bunch of new players such as CRED, NAVI, Groww, Slice and recently launched Flipkart UPI are also clocking decent volumes in UPI. According to the NPCI data, CRED has emerged as the fourth largest player in processing UPI payments. Interestingly, it has surpassed Amazon Pay, WhatsApp and BHIM and processed more than one third of Paytm’s value of transactions in the last month. Recently, NPCI chief operating officer (COO) Praveena Rai said that UPI is adding up to 6 million new users every month. NPCI has also set an ambitious target of achieving 1 billion transactions per day in the coming years.

UPI transactions dip marginally to 17.89 Bn in April

EntrackrEntrackr · 7m ago
UPI transactions dip marginally to 17.89 Bn in April
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.

Paytm holds steady UPI market share for two consecutive months

EntrackrEntrackr · 1y ago
Paytm holds steady UPI market share for two consecutive months
Medial

Showing signs of recovery, Paytm’s QR-based payments, and Soundbox, have retained their market share for two consecutive months in Unified Payments Interface (UPI) ecosystem despite facing restrictions on onboarding new users. Paytm secured over 8% of the overall UPI transaction market in both May and June 2024. In June, the total transactions on the Paytm platform stabilized at 1.1 billion, in line with May’s figures, according to a document seen by Entrackr. Since becoming a Third-Party Application Provider (TPAP) in March, Paytm has managed to maintain its position as the third-largest player by UPI market share after PhonePe and Google Pay, as per the document. In terms of transaction value, Paytm processed Rs 1.2 trillion (Rs 1.2 lakh crore) worth of UPI transactions in June, repeating its performance in May. The company remains amongst the leading players in the peer-to-merchant (P2M) segment due to its extensive merchant network. Despite a slight dip in overall UPI transactions, Paytm has stayed in the fray as the market continues to be dominated by PhonePe and Google. Overall, UPI saw a marginal dip of 1% in total transaction volume to 13.9 billion in June from 14 billion in May. During the period, the transaction value also reduced by a thin margin to Rs 20.07 lakh crore from Rs 20.45 lakh crore. The latest volume and value break up for PhonePe and Google Pay are yet to be disclosed by NPCI. In May, the duo accounted for 48.6% and 37% market share by volume, respectively. Paytm’s UPI is supported by partnerships with major banks like Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank. The company also has UPI Lite and Rupay credit card on UPI. As per reports, NPCI is also likely to review the 30% cap on the market share of third party UPI apps such as PhonePe and Google Pay.

PhonePe gains market share in November; Google Pay sees marginal dip

EntrackrEntrackr · 4d ago
PhonePe gains market share in November; Google Pay sees marginal dip
Medial

PhonePe gains market share in November; Google Pay sees marginal dip Unified Payments Interface recorded 20.47 billion transactions worth Rs 26.32 lakh crore in November, as per data released by the National Payments Corporation of India. PhonePe remained the largest UPI app during the month. The Walmart-backed fintech firm processed 9.33 billion transactions, which formed 45.6% of total UPI volume and 48.5% of total transaction value. PhonePe gained market share in November despite a slight decline in transaction volume compared with October. Google Pay ranked second with 7.03 billion transactions in November. The Alphabet owned app held a 34.4% share by volume and an identical 34.4% share by value, which kept it well ahead of other competitors. Google Pay saw a minor month on month dip in November, with both transaction volumes and market share edging slightly lower compared to October. Paytm stood third with 1.55 billion transactions, accounting for 7.6% of overall UPI volumes. The company processed payments worth Rs 1.64 lakh crore, which translated into a 6.2% share by value. Among the smaller players, Navi processed 609 million transactions in November with a transaction value of Rs 32,290 crore, giving it a 3% share by volume. super.money recorded 265 million transactions worth Rs 10,581 crore, while Cred handled 154 million transactions with a transaction value of Rs 59,261 crore, supported by higher ticket size payments. BHIM processed 141 million transactions during the month with a value of Rs 18,377 crore. Axis Bank apps together recorded 236 million transactions worth Rs 16,221 crore, including customer initiated, B2C and B2B payments. Amazon Pay handled 89 million transactions valued at Rs 10,147 crore, while FamApp by Trio recorded 150 million transactions worth Rs 1,868 crore. After the festive peak in October, the November data points to steady momentum for UPI across consumer and merchant payments in India. When it comes to spending trends via UPI, November usage remained centred on daily consumption categories. Groceries and supermarkets led the charts with 3.22 billion transactions worth Rs 71,129.56 crore, followed by fast food and restaurant categories which together recorded over 2.6 billion transactions. Telecommunication services logged 818 million transactions valued at Rs 21,399.70 crore, while service stations featured among the top categories with 658 million transactions worth Rs 40,320.95 crore. Digital gold purchases touched 123.42 million transactions in November, an increase of 6.4% from October by volume, though value dropped sharply to Rs 1,215.36 crore from the previous month.

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