Highlights
UPI Ecosystem in India: PhonePe and Google Pay Lead Transactions
India’s UPI ecosystem showcases the remarkable dominance of PhonePe and Google Pay, who combined captured over 81% of the total customer-initiated transaction volume and value in July. As per the data released by the National Payments Corporation of India (NPCI), UPI recorded an unprecedented 19.47 billion transactions worth Rs 25.08 lakh crore during this period.
Among the total transactions, PhonePe was responsible for 8.93 billion, which translates to a substantial 45.88% share in terms of volume. Google Pay followed closely with 6.92 billion transactions, accounting for 35.56%. In terms of transaction value, PhonePe held a dominant 48.64% of the total Rs 25,08,498.09 crore, while Google Pay contributed 35.53%. Collectively, these two platforms represented 81.44% of overall UPI volume and an impressive 84.17% of the transaction value.
In the rankings, Paytm secured the third position with 1,366.05 million transactions, representing a 7.02% market share by volume, translating to Rs 1,43,650.62 crore in value or a 5.73% share. Navi came in next with 444.06 million transactions (2.28%) and a value of Rs 23,562.51 crore (0.94%).
Flipkart’s super.money followed with 252.85 million transactions (1.30%) while CRED had 144.38 million transactions (0.74%). Despite lower transaction volumes, CRED achieved a stronger value share of 2.20% thanks to higher-value transactions.
Furthermore, FamApp by Trio captured 0.64% of the volume and 0.06% of the value. Amazon Pay and BHIM recorded 0.52% and 0.45% of the volume, respectively, contributing 0.43% and 0.58% in value. WhatsApp accounted for 0.38% of the volume and 0.22% of the value, while Axis Bank Apps noted 27.79 million transactions (0.14%) and a value of Rs 5,483.32 crore (0.22%).
Trends in UPI Transactions
The sustained supremacy of PhonePe and Google Pay highlights the consolidation of India’s digital payments landscape. Meanwhile, newer entrants like CRED, Navi, and super.money are striving to capture market share with niche offerings and targeted user demographics.
In July 2025, UPI transactions were significantly led by groceries and supermarkets, with volumes reaching 3,032 million (3.03 billion) and a value of Rs 64,882 crore. This was followed by fast food transactions of 1.22 billion and restaurants with 1.15 billion transactions. Although service stations and telecom services displayed lower transaction volumes, they indicated larger expenditures per transaction. Smaller categories such as digital goods, pharmacies, and bakeries continued to signify UPI’s expanding reach across daily purchases.
NPCI has, for the first time, provided category-wise data; however, it will require additional time for comprehensive penetration across all segments, as 2.2 billion transactions are still categorized as undefined.
