UPI Transactions in India – June 2023 Overview

UPI, the Unified Payments Interface, witnessed a total of 18.4 billion transactions valued at Rs 24.04 lakh crore in June 2023, according to data from the NPCI. This figure represents a slight decrease compared to the preceding month. However, PhonePe and Google Pay maintained their dominance, collectively accounting for over 82% of all transactions by volume.

PhonePe and Google Pay Dominate UPI Transactions

PhonePe topped the list with 8.55 billion transactions amounting to Rs 11.99 lakh crore, securing 46.5% of the total UPI volume and nearly 50% of the overall transaction value.

Google Pay followed closely with 6.54 billion transactions and a total value of Rs 8.41 lakh crore, capturing a market share of 35.6% by volume and 35% by value.

Other Notable Players in the UPI Ecosystem

Paytm secured third place, recording 1.27 billion transactions worth Rs 1.34 lakh crore. This Noida-based company accounted for 6.9% of the overall UPI volume and 5.6% of its total value.

In the emerging sector, super.money surpassed CRED regarding transaction volume, albeit with a significantly lower value. New entrants like Navi and FamApp by Trio reported 406 million and 113 million transactions, respectively. Navi achieved a value of Rs 21,815 crore, while FamApp reached Rs 1,440 crore.

Transaction Figures of Other Apps

Amazon Pay and BHIM recorded 93 million and 73 million user-initiated transactions, respectively, with transaction values of Rs 9,942 crore and Rs 11,726 crore. Notably, the government-promoted app BHIM made a comeback into the top 10 UPI applications by volume after a hiatus of 17 months.

Private Bank UPI Applications

UPI applications led by private banks, such as Axis Bank Apps, reported a modest volume of 24 million transactions, amounting to Rs 5,231 crore. Remarkably, it was the only app to report business-to-consumer UPI transactions, handling 102 million transactions worth Rs 4,155 crore in this segment.

Global Expansion of UPI Services

Beyond India, the UPI system is operational in countries such as Bhutan, Nepal, Mauritius, Sri Lanka, Singapore, France, Oman, and the UAE. Reports suggest that NPCI is looking to extend UPI services to additional nations, including Qatar, Thailand, Malaysia, and other Southeast Asian regions. The UK, Oman, and the Maldives have expressed interest or initiated early integration stages, while Namibia is preparing to launch UPI services in 2025.