PhonePe Dominates UPI Transactions in February

PhonePe has continued to lead India’s UPI ecosystem among third-party applications in February. Google Pay and Paytm have held the second and third positions, respectively. According to NPCI data, PhonePe processed a noteworthy 9.28 billion transactions amounting to Rs 13,10,392.95 crore. The app, supported by Walmart, commanded a 45.5% market share based on total UPI transaction volume, alongside a 48.8% share in terms of value throughout the month.

Google Pay and Paytm’s Performance

Google Pay followed closely, recording 6.76 billion transactions worth Rs 9,03,051.60 crore. This platform accounted for a 33.2% share of the transaction volume and a 33.6% share by value. Paytm secured the third position, having processed 1.59 billion transactions valued at Rs 1,74,128.86 crore, which translates to a 7.8% share in volume and a 6.5% share in value.

Transaction Trends in February

The leading three applications experienced a slight decline in transaction counts compared to January, primarily due to the shorter month. In January, PhonePe recorded 9.91 billion transactions, Google Pay managed 7.23 billion, and Paytm noted 1.66 billion transactions, during a month when the UPI network registered a total of 21.7 billion transactions.

Other Fintech Apps’ Rankings

Among other fintech applications, Navi ranked fourth, processing 650.28 million transactions amounting to Rs 36,563 crore. Following this, Super.money executed 289.32 million transactions worth Rs 12,314.08 crore. The government-backed BHIM application processed 175.93 million transactions, totalling Rs 21,263.92 crore. FamApp by Trio executed 149.06 million transactions valued at Rs 1,898.62 crore.

CRED and Bank-Owned Platforms

CRED positioned itself in the eighth spot with 145.98 million transactions and reported a significantly higher transaction value of Rs 54,045.92 crore, indicative of larger ticket sizes. Regarding bank-owned platforms, Axis Bank’s applications processed 132.11 million transactions valued at Rs 12,157.93 crore, which includes customer-initiated and B2C payments. WhatsApp Pay completed the top ten, handling 112.89 million transactions amounting to Rs 8,557.08 crore.

Overall UPI Transaction Summary

In total, the UPI ecosystem processed 20,394.18 million transactions worth Rs 26,84,229.29 crore in February. This month saw a slight decrease compared to January due to fewer days; however, daily activity remained robust, with the average daily transaction count increasing to 728 million from 700 million in January.