PhonePe Achieves 10 Billion UPI Transactions Milestone

PhonePe, a digital payments platform backed by Walmart, has remarkably surpassed 10 billion UPI transactions in March for the first time since it began operations, as reported by the National Payments Corporation of India. The UPI network itself recorded an unprecedented 22.64 billion transactions in March, marking its highest monthly total. This surge follows earlier figures of 20.39 billion transactions in February and 21.7 billion in January, indicating a recovery following a decline in February and renewed growth in March.

PhonePe’s Dominance in UPI Transactions

During this period, PhonePe maintained its leading market position, processing 10.50 billion transactions, equivalent to approximately 46.4% of the total UPI volume. In terms of transaction value, its share was about 49.1%, highlighting its strong performance in both merchant payments and peer-to-peer transactions. In February, the company recorded 9.28 billion transactions, holding a 45.5% share, and in January, it processed 9.9 billion transactions, with a 45.7% market share.

Competition Landscape

Google Pay occupied the position of the second largest player, processing 7.53 billion transactions in March and securing a market share of around 33.3% by volume. In terms of value, its share was nearly 33.9%. Paytm followed closely with 1.77 billion transactions, which represents a 7.8% share by volume and approximately 6.5% by value.

Emerging Players in the Market

Other competitors remained significantly behind. Navi managed about 790 million transactions, while BHIM tallied 202 million transactions. Newer entrants like super.money and FamApp by Trio are gradually expanding but still remain relatively small in comparison.

Noteworthy Smaller Players

Among smaller yet notable competitors, CRED processed 163 million transactions, amounting to Rs 62,029.55 crore, thereby maintaining a value share of over 2%, suggesting a higher average ticket size. WhatsApp managed approximately 130 million transactions, while transactions through Axis Bank apps contributed a smaller share, which includes B2C transactions.