PhonePe Achieves 11 Billion Monthly UPI Transactions
PhonePe has successfully surpassed the significant milestone of 11 billion monthly transactions on the Unified Payments Interface (UPI) in August. In comparison, Google Pay approached the 8 billion transaction mark, according to the latest data published by the National Payments Corporation of India (NPCI).
Specifically, PhonePe recorded 11.19 billion UPI transactions for August, marking an increase from 10.86 billion in July. This Walmart-backed digital payments platform claimed a noteworthy 45.64% of the overall UPI transaction volume. In terms of value, PhonePe handled transactions worth Rs 14.26 lakh crore, resulting in a commanding 47.82% share of the total UPI transaction value.
Google Pay’s Performance in August
Maintaining its position as the second-largest player, Google Pay processed 7.91 billion UPI transactions in August, up from 7.65 billion in July. The platform accounted for a 32.26% share of transaction volume and a 33.78% share by transaction value, amounting to Rs 10.07 lakh crore.
Paytm and Other Competitors
Paytm continues to hold the third spot among UPI providers with 1.97 billion transactions in August, compared to 1.90 billion in July. This fintech platform made up 8.03% of UPI transaction volume and 6.87% of transaction value, with a total transaction value of Rs 2.05 lakh crore.
Navi stood firm in fourth place, recording 1.08 billion transactions in August, a rise from 947.08 million in July. Its volume share increased to 4.40%, while the value share held steady at 1.76%, processing transactions valued at Rs 52,513 crore.
Super.money, backed by Flipkart, saw 421.87 million transactions in August, slightly down from 437.27 million in July. BHIM also noted a rise with 253.69 million transactions, compared to 242.27 million the previous month.
FamApp by Trio gathered 223.31 million transactions, while WhatsApp recorded 183.69 million transactions, keeping a lead over CRED, which posted 143.94 million transactions for the month. CRED remained in the 10th position in August, despite a lower transaction volume. It managed transactions worth Rs 57,398 crore, making up 1.92% of UPI transaction value, while WhatsApp’s transactions were valued at Rs 13,948 crore, giving it a 0.47% share.
Axis Bank’s applications collectively recorded 146.78 million transactions covering customer-initiated, B2C, and B2B payments. Their total transaction value reached Rs 14,024 crore.
Overall UPI Statistics for August
In total, UPI registered 24.51 billion transactions valued at Rs 29.82 lakh crore in August, compared to 23.66 billion transactions worth Rs 29.88 lakh crore in July. PhonePe and Google Pay combined accounted for a remarkable 77.90% of the total UPI transaction volume and 81.60% of transaction value during August. The top three players—PhonePe, Google Pay, and Paytm—together captured a significant 85.93% of UPI transaction volume and 88.47% of the transaction value for the month.
In addition, the upcoming MDR framework may introduce a new revenue stream for UPI applications like PhonePe, Google Pay, and Paytm. Effective October 15, certain P2M transactions exceeding Rs 2,000 will incur a 0.4% MDR, with a cap at Rs 300 for transactions of Rs 75,000 or more. This fee will be distributed among all participants in the UPI ecosystem, including banks, PSPs, and payment apps.