Unified Payments Interface (UPI) witnessed a 3.95% increase in transaction volume in July, rising to 14.44 billion from 13.89 billion in June. While PhonePe and Google Pay maintained their dominant positions, Paytm experienced a slight decline in market share.
According to data from the National Payments Corporation of India (NPCI), PhonePe recorded 6.98 billion transactions in July, followed by Google Pay with 5.34 billion, and Paytm with 1.12 billion transactions. This resulted in a market share of 48.3% for PhonePe, 37% for Google Pay, and 7.82% for Paytm. These figures were nearly consistent with June, where PhonePe held a 48.3% share, Google Pay 36.7%, and Paytm around 8%.
In terms of transaction value, PhonePe’s market share dipped slightly from 50.27% in June to 49.85% in July, while Paytm also saw a marginal decline to 5.98%. Conversely, Google Pay’s value market share increased from 35% to 35.6%.
The slight reduction in market share for top players can be linked to the entry of new competitors like CRED, NAVI, Groww, Slice, and Flipkart UPI, which are gradually capturing a portion of the transaction volumes from the leading apps.
NPCI data revealed that CRED was the fourth largest UPI player, joined by Axis Bank Apps, Amazon Pay, Navi, ICICI Bank Apps, Fampay by Trio, and Kotak Mahindra Bank Apps. WhatsApp Pay, despite much anticipation, ranked 11th, surpassing apps like BHIM, Groww, Slice, MobiKwik, and Flipkart UPI.
Among the emerging players, Navi, led by Sachin Bansal, saw its transactions nearly double from 35 million in June to 68 million in July.
UPI is poised for further growth, having processed over 500 million transactions daily on three occasions in August. Remarkably, this was the fourth time UPI reached this milestone since its launch in April 2016. NPCI has set an ambitious goal to achieve 1 billion transactions per day by 2026-27.
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