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

EntrackrEntrackr · 1y 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.

UPI achieves 10% month-on-month growth in October

EntrackrEntrackr · 11m ago
UPI achieves 10% month-on-month growth in October
Medial

Unified Payments Interface (UPI) witnessed decent growth in transaction volume and value from September to October 2024. In October, the digital payment platform recorded 16.58 billion transactions, a 10% increase from September’s 15.04 billion, according to data published by the National Payments Corporation of India (NPCI). The transaction value surged 14% to Rs 23.50 lakh crore in October from Rs 20.64 lakh crore in September. This growth was fueled by a 45% year-over-year rise in transaction count and a 37% rise in transaction value. Moreover, average daily transaction volume increased from 501 million in September to 535 million in October, with the daily transaction amount reaching Rs 75,801 crore, a noticeable increase from Rs 68,800 crore the previous month. In September, PhonePe maintained its leading position in India’s UPI market with a 48% share of transaction volume. Google Pay came in second with 37.4%, followed by Paytm in third place with 7%. The market share data for October has yet to be released. Recently, the National Payments Corporation of India (NPCI) granted approval to One97 Communications Limited, Paytm's parent company, to onboard new users onto its UPI platform. The new authorization is expected to help the Noida-based company expand its user base and enhance its market share in the competitive UPI sector. In recent weeks, NPCI has implemented significant changes to UPI transaction limits. The upper cap for certain types of UPI payments has been raised to Rs 5 lakh, while the limits for UPI Lite Wallet and UPI 123Pay have also been increased. These adjustments are intended to encourage greater digital transaction adoption, supporting the Indian government’s ambitious goal of achieving 1 billion transactions per day by 2026-27.

UPI transactions dip marginally to 17.89 Bn in April

EntrackrEntrackr · 5m 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.

PhonePe, G-Pay see decline in UPI transactions in Sept; gaming payments collapse

EntrackrEntrackr · 13d 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.

UPI crosses 20 Bn monthly transactions for first time in August

EntrackrEntrackr · 1m ago
UPI crosses 20 Bn monthly transactions for first time in August
Medial

News: UPI crosses 20 Bn monthly transactions for first time in August The Unified Payments Interface (UPI) crossed a major milestone in August 2025 by processing 20.01 billion transactions, the first time it has ever breached the 20 billion monthly mark. In terms of value, UPI recorded transactions worth Rs 24.85 lakh crore during the month. This milestone comes on the back of steady growth over the past few months. In June 2025, UPI clocked 18.40 billion transactions worth Rs 24.04 lakh crore. The following month, July, saw a sharp rise to 19.47 billion transactions, a 5.8% increase from June, with the transaction value climbing to Rs 25.08 lakh crore. In August, UPI transactions crossed the 20 billion mark, posting a 2.8% increase over July. While the total value slipped by 0.9% from the previous month, it still stayed comfortably higher than June’s level. On a year-on-year basis, UPI volumes surged 34%, while the value of transactions jumped 21% in August. The average daily transaction count climbed to 645 million, and the daily value stood at Rs 80,177 crore. UPI also achieved a record of crossing 700 million transactions in a single day on August 2. This surge comes despite the ban on real money gaming platforms, which used to make up a significant share of UPI transactions. Most of these platforms started shutting down after Parliament passed the Promotion and Regulation of Online Gaming Bill, 2025 on August 21. The consistent rise from 18.40 billion transactions in June to 20.01 billion in August underscores the growing reliance on UPI for everyday payments, from peer-to-peer transfers to merchant transactions, cementing its position as the backbone of India’s digital payments ecosystem. As of July, PhonePe (8.93 billion) accounted for a commanding 45.88% share in terms of volume, followed by Google Pay (6.92 billion) with 35.56%. Of the total transaction value of Rs 25,08,498.09 crore, PhonePe held 48.64%, while Google Pay contributed 35.53%. In terms of merchant categories, groceries and supermarkets led UPI transactions with 3.03 billion (3,032 million) in volume and Rs 64,882 crore in value, followed by fast food at 1.22 billion and restaurants at 1.15 billion. Digital goods and games, which also include real money gaming, registered 351.24 million transactions worth Rs 10,076 crore. The breakup data for August is yet to be published by NPCI.

UPI sets all-time high with 19.47 Bn transactions in July

EntrackrEntrackr · 2m ago
UPI sets all-time high with 19.47 Bn transactions in July
Medial

UPI sets all-time high with 19.47 Bn transactions in July Unified Payments Interface (UPI) processed an all-time high of 19.47 billion transactions worth Rs 25.08 lakh crore in July, according to data released by National Payments Corporation of India (NPCI). This marked a 5.8% rise in transaction volume and a 4.3% increase in value compared to June 2025, when UPI logged 18.40 billion transactions totaling Rs 24.04 lakh crore. The average daily transaction count also pushed higher to 628 million in July. Year-on-year, UPI maintained its strong growth momentum, with the transaction volume in July 2025 rising by 35% and the total value of transactions increasing by 22% compared to July 2024. While the breakdown numbers for UPI apps are yet to be released, PhonePe accounted for 46.5% of the total UPI volume and nearly 50% of the value as of June. Google Pay captured a 35.6% share by volume and 35% by value, while Paytm remained in third place with 6.9% of the total UPI volume and 5.6% of the value. UPI is live in countries like Bhutan, Nepal, Mauritius, Sri Lanka, Singapore, France, Oman, and the UAE. NPCI plans further expansion to Qatar, Thailand, Malaysia, and other Southeast Asian nations. The UK, Oman, Maldives, and Namibia are also exploring or initiating UPI integration. According to reports, ICICI Bank has started charging payment aggregators and large merchants a fee for UPI transactions, breaking the zero-fee model. This move marks a shift in India’s UPI system, which was previously free for merchants under a government-backed policy.

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