PhonePe records slight drop in UPI market share as April volumes fall

PhonePe's UPI market share slipped to 46.73 per cent in April amid a 2.22 per cent dip in total transactions on the real-time payments network

PhonePe, the market leader in Unified Payments Interface (UPI), saw a marginal dip in its market share in April, at a time when total transaction volumes across the real-time payments ecosystem declined by 2.22 per cent.

 

The Bengaluru-based company, which is the largest on the UPI network, recorded a market share of 46.73 per cent in April. This was a decline from 47.25 per cent in March.

 

The company processed 8.36 billion transactions with a cumulative value of ₹12.05 trillion in April. This was in contrast to 8.64 billion transactions with a total value of ₹12.57 trillion in the previous month.

 

The decline in transactions in April comes on the back of a reduction in total UPI volumes processed on the real-time payments network. UPI recorded 17.89 billion transactions in April, a 2.22 per cent decline from 18.30 billion processed in March.

 

Meanwhile, Google Pay’s market share was recorded at 36.26 per cent in April, a minor gain from 36.04 per cent in March. Paytm, too, witnessed a bump in share to 6.76 per cent in April from 6.67 per cent in the previous month. So did Navi and Super.money.

    Top players on UPI 

	March 2025	April 2025
PhonePe	47.25	46.73
Google Pay	36.04	36.26
Paytm	6.67	6.76
Navi	1.77	1.92
Super.money	0.94	0.98

 

Market share  in %

Source: National Payments Corporation of India (NPCI)