PhonePe dominated the Unified Payments Interface (UPI) sector in July, recording 10.86 billion transactions compared to 10.48 billion in June, as per the data from the National Payments Corporation of India (NPCI). This Walmart-backed digital payments platform represented 45.89% of the overall UPI transaction volume in July. In terms of transaction value, PhonePe processed deals amounting to Rs 14.44 lakh crore, claiming a 48.33% share of the total UPI transaction value.
Highlights
Google Pay’s Performance in UPI Transactions
Google Pay maintained its position as the second largest player with 7.65 billion UPI transactions in July, up from 7.41 billion in June. The service held a 32.33% share of transaction volume and a 33.51% share by value, totalling a transaction value of Rs 10.01 lakh crore for the month.
Paytm’s Standing in the UPI Ecosystem
Paytm secured its place as the third largest UPI service with 1.90 billion transactions in July, increasing from 1.80 billion in June. This fintech platform accounted for 8.05% of UPI transaction volume and 6.85% of transaction value, amounting to Rs 2.05 lakh crore.
Navi held onto the fourth position with 947.08 million transactions compared to 842.51 million in June. Its share of the volume rose to 4% in July, while the value share reached 1.62%. The platform processed transactions worth Rs 48,318 crore.
Flipkart-backed super.money saw 437.27 million transactions in July, increasing from 430.24 million in June. BHIM recorded 242.27 million transactions, a rise from 223.54 million the previous month. FamApp by Trio achieved 206.19 million transactions, while WhatsApp reported 167.89 million transactions, staying ahead of CRED, which recorded 142.10 million transactions.
CRED’s Recent Changes in UPI Transactions
CRED fell to the 10th position in July from ninth in June. Despite a decrease in transaction volume, CRED managed transactions worth Rs 59,279 crore, accounting for 1.98% of UPI transaction value. WhatsApp’s transaction value reached Rs 12,957 crore, claiming a 0.43% share.
Axis Bank’s Transaction Overview
Axis Bank’s applications recorded 143.77 million transactions across customer-initiated, B2C, and B2B payments. The total transaction value from these services reached Rs 13,940 crore.
Overall, UPI registered 23.66 billion transactions valued at Rs 29.88 lakh crore in July. PhonePe and Google Pay combined made up 78.22% of the total UPI transaction volume and represented 81.83% of transaction value. The leading trio—PhonePe, Google Pay, and Paytm—accounted for 86.28% of UPI transaction volume and 88.68% of transaction value in July.