In July, Unified Payments Interface (UPI) transactions grew by 3.95% month-on-month, reaching 14.44 billion, up from 13.89 billion in June. PhonePe continued to lead the market with 6.98 billion transactions, holding a 48.3% market share, unchanged from June. Google Pay followed with 5.34 billion transactions and a 37% market share, while Paytm saw a minor decline to 1.12 billion transactions and a 7.82% market share.
Value-wise, PhonePe’s market share slightly decreased from 50.27% in June to 49.85% in July. Google Pay’s share improved from 35% to 35.6%, while Paytm’s share fell to 5.98%. The decline for leading players is partly due to the growing presence of new entrants like CRED, NAVI, Groww, Slice, and Flipkart UPI.
Newcomer Navi saw substantial growth, nearly doubling its transactions from 35 million in June to 68 million in July. UPI is also hitting new records, processing over 500 million transactions daily multiple times in August. NPCI aims to reach 1 billion daily transactions by 2026-27.
