With 94 mn transactions in July, PhonePe claims leadership in UPI payments

On Wednesday, the NPCI which runs the UPI said that the volume of transactions on the network in the month of July stood at 235.65 million

Flipkart-owned digital payments service PhonePe claims it has become the largest player on India’s Unified Payment Interface (UPI) network, edging out rivals such as Paytm, Google’s Tez and the National Payments Corporation of India’s (NPCI) BHIM payments apps.

The company on Wednesday said that it had cornered 40 per cent of all transactions on the UPI network, amounting to around 94 million in the month of July. This also helped the company cross the 100 million overall monthly transactions milestone for the first time.

While PhonePe is predominantly a UPI payments service, it also supports other forms of digital payments.