PhonePe tops UPI in July with 8.93 bn transactions, 46% market share

PhonePe processed 8.93 bn UPI transactions in July, ahead of Google Pay's 6.92 bn, as total UPI volume hit a record 19.46 bn worth ₹25.08 tn, NPCI data shows

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Fintech major PhonePe processed nearly 8.93 billion Unified Payments Interface (UPI) transactions in July, followed by Google Pay’s 6.92 billion and Paytm’s 1.36 billion, data from the National Payments Corporation of India (NPCI) shows.

 

PhonePe’s total value processed stood at ₹12.20 trillion, followed by Google Pay’s ₹8.91 trillion and Paytm’s ₹1.43 trillion.

 

PhonePe’s market share by volume was 45.88 per cent in July, while its closest competitor, Google Pay, cornered 35.56 per cent. Paytm’s market share stood at 7.02 per cent.

 

The combined market share of the top two players was 81.44 per cent. 

 

Meanwhile, emerging third-party application providers (TPAPs) such as Navi processed 444.06 million UPI transactions, while super.money processed 252.85 million.

 

In July, UPI hit a record 19.46 billion transactions, processing a total value of ₹25.08 trillion.

 

Grocery stores and supermarkets recorded the highest number — over three billion UPI transactions worth ₹64,881.98 crore in July — accounting for nearly a quarter of all UPI peer-to-merchant (P2M) transactions by volume.