PhonePe clocks record 8.1 bn UPI transactions in January, shows NPCI data

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Fintech firm PhonePe processed a record 8.1 billion transactions on the Unified Payments Interface (UPI), followed by Google Pay’s 6.18 billion and Paytm’s 1.15 billion in January, data from the National Payments Corporation of India (NPCI) shows.

 

PhonePe continued to dominate the UPI ecosystem, commanding a 47.67 per cent market share, with Google Pay and Paytm holding 36.38 per cent and 6.78 per cent, respectively.

 

WhatsApp regained its position among the top ten UPI volume processors after slipping to 11th place in November 2024. The social messaging app's third-party UPI service more than doubled its total transaction volume, processing 61 million transactions in January 2025, up from 26.08 million in the same month the previous year.

 

In December 2024, the NPCI lifted the UPI user onboarding limit for WhatsApp Pay, the UPI platform of the messaging giant. The payments body had earlier placed a limit on the number of users that could be onboarded on WhatsApp Pay. The limit was set at 100 million users prior to the removal of onboarding restrictions.

 

UPI transactions saw a marginal 1.6 per cent month-on-month increase in volume to 16.99 billion in January, up from 16.73 billion in December 2024. This marked a new record in terms of volume since the digital system became operational in April 2016.