Highlights
PhonePe Dominates UPI Transactions in April
PhonePe has established its dominance in the Unified Payments Interface (UPI) sector, processing over 10.33 billion transactions in April, as per the data released by the National Payments Corporation of India (NPCI). The overall UPI transactions totalled 22.34 billion in the month, which shows a slight decrease from March’s peak of 22.64 billion. Nevertheless, the payments network continues to show robust growth in both merchant and peer-to-peer transactions.
In April, PhonePe represented approximately 46.2% of the total UPI transaction volume. In fiscal terms, the platform claimed a 49.3% share, processing transactions amounting to Rs 14.31 lakh crore. This milestone marks the first time the company surpassed the 10 billion transaction threshold, achieving 10.5 billion transactions in March.
Competitors in the UPI Ecosystem
Google Pay held onto the second position with 7.36 billion transactions in April, accounting for nearly 32.9% of the market share by volume. In terms of value, its share was approximately 33.5%, with transactions totalling Rs 9.72 lakh crore. Paytm followed as the third-largest UPI player, processing 1.77 billion transactions, which reflects about 8% market share by volume and around 6.7% by value.
Emerging Players in the UPI Landscape
Emerging platforms are also making significant strides. Navi processed more than 801 million transactions, further solidifying its presence in the market. Super.money handled 369 million transactions, while BHIM registered 210 million transactions during the same period. Smaller but rapidly growing platforms are gaining momentum as well; FamApp by Trio processed around 183 million transactions, and CRED managed 157 million transactions valued at Rs 56,569 crore. Despite having a lower volume, CRED exhibited a much higher value share, pointing to a larger average transaction size among its users.
Transaction Insights from April
WhatsApp recorded nearly 139 million transactions, while Axis Bank applications contributed a smaller portion, including some B2C transactions. According to NPCI data, UPI’s transaction breakdown by type showed that daily consumption categories continued to dominate in April. Grocery and supermarkets led with 3.72 billion transactions worth Rs 80,449 crore, followed by fast food outlets with 1.47 billion transactions, eating places and restaurants at 1.25 billion, telecommunication services with 869.9 million, and service stations returning 658.6 million transactions.