Unified Payments Interface Reaches 20.47 Billion Transactions
Unified Payments Interface achieved 20.47 billion transactions valued at Rs 26.32 lakh crore in November, according to data from the National Payments Corporation of India. PhonePe maintained its position as the leading UPI app during this month.
PhonePe Continues to Lead the Market
PhonePe, backed by Walmart, processed 9.33 billion transactions, representing 45.6% of the overall UPI transaction volume and 48.5% of the total transaction value. Although PhonePe experienced a modest decline in transaction volume compared to October, it still gained market share in November.
Google Pay Secures Second Position
Google Pay ranked second with 7.03 billion transactions in November. This Alphabet-owned application held a 34.4% share of both transaction volume and value, keeping it significantly ahead of its competitors. Google Pay saw a slight decline in both transaction volumes and market share from the previous month.
Paytm’s Standing in the UPI Market
Paytm secured the third position with 1.55 billion transactions, which accounted for 7.6% of the total UPI volume. The transactions processed by Paytm amounted to Rs 1.64 lakh crore, translating into a market share of 6.2% by value.
Smaller Players in the UPI Space
Among smaller players, Navi recorded 609 million transactions in November with a transaction value of Rs 32,290 crore, achieving a 3% share by volume. Other smaller apps included super.money, which documented 265 million transactions valued at Rs 10,581 crore, and Cred, which handled 154 million transactions worth Rs 59,261 crore, benefiting from higher ticket size payments.
Additional Transaction Highlights
BHIM processed 141 million transactions, amounting to Rs 18,377 crore. Axis Bank’s apps together reported 236 million transactions valued at Rs 16,221 crore, including customer-initiated, B2C, and B2B payments. Amazon Pay managed 89 million transactions valued at Rs 10,147 crore, and FamApp by Trio handled 150 million transactions worth Rs 1,868 crore.
Consistent Growth in UPI Spending Trends
Following the festive peak in October, the data from November indicates steady momentum for UPI in both consumer and merchant payments across India. Spending trends via UPI were primarily focused on daily consumption categories.
Top Categories for UPI Transactions
Groceries and supermarkets topped the list with 3.22 billion transactions worth Rs 71,129.56 crore. Fast food and restaurant segments collectively recorded over 2.6 billion transactions. Telecommunication services logged 818 million transactions valued at Rs 21,399.70 crore, while service stations were notable with 658 million transactions worth Rs 40,320.95 crore. Digital gold purchases reached 123.42 million transactions in November, showing a 6.4% increase from October in volume, despite the value dropping significantly to Rs 1,215.36 crore from the previous month.