UPI Transactions: PhonePe and Google Pay Leading the Market
PhonePe and Google Pay are the front-runners in UPI-based customer-initiated transactions for October. Together, these applications represented nearly 80% of the total volume and value handled by the top ten apps throughout the month. PhonePe topped the list with 9,412.07 million (9.4 billion) transactions, securing a market share of 45.47% by volume. In value terms, it triggered a colossal Rs 13,06,401.90 crore, which accounts for 47.88% of the overall value of Rs 27,27,790.68 crore.
Google Pay came in second with 7,165.80 million (7.1 billion) transactions, holding a 34.62% share by volume. It processed Rs 9,54,186.10 crore in value, translating to a 34.98% share. For reference, UPI reached an unprecedented high of 20.7 billion monthly transactions in October, exceeding its previous record of 20.1 billion set in August.
Paytm trailed behind in third place with 1,522.78 million (1.5 billion) transactions, giving it a 7.36% market share by volume. Its value processed was Rs 1,67,177.27 crore, which is 6.13% of the total. Navi recorded 574.30 million transactions, resulting in a market share of 2.77% by volume, while Super.money registered 264.79 million transactions, giving it a 1.28% share. Notably, Navi experienced a 9% rise in volume, while Super.money reported a modest increase of just 3% in monthly transactions.
Among lesser-known players, CRED processed 157.99 million transactions but managed a comparatively higher 2.29% share of the total value at Rs 62,438.03 crore. BHIM and Amazon Pay logged 125.70 million and 94.32 million transactions, respectively, each with less than 1% share.
Data from NPCI indicates that UPI spending in October was primarily driven by groceries and supermarkets, which accounted for 3,273.16 million transactions valued at Rs 76,073 crore. Fast food outlets recorded 1,357.89 million transactions worth Rs 16,798 crore, while restaurants noted 1,190.63 million transactions valued at Rs 20,842 crore. Transaction volume in telecom services reached 867.86 million, amounting to Rs 22,169 crore, and service stations registered 657.36 million transactions with an impressive outlay of Rs 38,072 crore, illustrating UPI’s integral role in essential and day-to-day expenditures.
The digital gold sector also gained traction, climbing to 115.95 million transactions worth Rs 2,290.36 crore in October, up from 103.19 million transactions valued at Rs 1,410 crore in September.