PhonePe crossed the 11 billion monthly transaction mark on the Unified Payments Interface (UPI) in August, while Google Pay neared 8 billion transactions, according to data released by the National Payments Corporation of India (NPCI).
PhonePe recorded 11.19 billion UPI transactions in August, compared to 10.86 billion in July. The Walmart-backed digital payments platform accounted for 45.64% of total UPI transaction volume. In value terms, PhonePe processed transactions worth Rs 14.26 lakh crore, giving it a 47.82% share of the total UPI transaction value.
Google Pay retained the second spot with 7.91 billion UPI transactions in August, compared to 7.65 billion in July. The platform held a 32.26% share of transaction volume and a 33.78% share by value. Its transaction value stood at Rs 10.07 lakh crore during the month.
Paytm remained the third-largest UPI player with 1.97 billion transactions in August against 1.90 billion in July. The fintech platform accounted for 8.03% of UPI transaction volume and 6.87% of transaction value. Its transaction value stood at Rs 2.05 lakh crore.
Navi retained the fourth position with 1.08 billion transactions in August against 947.08 million in July. Its volume share rose to 4.40%, while its value share stood at 1.76%. The platform processed transactions worth Rs 52,513 crore.
Flipkart-backed super.money recorded 421.87 million transactions in August against 437.27 million in July. BHIM recorded 253.69 million transactions, up from 242.27 million in the previous month.
FamApp by Trio recorded 223.31 million transactions in August, while WhatsApp registered 183.69 million transactions. WhatsApp remained ahead of CRED, which recorded 143.94 million transactions during the month.
CRED remained in the 10th position in August. Despite its lower transaction volume, CRED handled transactions worth Rs 57,398 crore and accounted for 1.92% of UPI transaction value. WhatsApp’s transaction value stood at Rs 13,948 crore, giving it a 0.47% share.
Axis Bank’s apps recorded 146.78 million transactions across customer-initiated, B2C and B2B payments. Their combined transaction value stood at Rs 14,024 crore.
Overall, UPI recorded 24.51 billion transactions worth Rs 29.82 lakh crore in August, compared with 23.66 billion transactions worth Rs 29.88 lakh crore in July.
PhonePe and Google Pay together accounted for 77.90% of total UPI transaction volume and 81.60% of transaction value in August. The top three players, PhonePe, Google Pay and Paytm, accounted for 85.93% of UPI transaction volume and 88.47% of transaction value during the month.
Meanwhile, the new MDR framework could open a potential revenue stream for UPI apps such as PhonePe, Google Pay and Paytm. From October 15, select P2M transactions above Rs 2,000 will attract a 0.4% MDR, capped at Rs 300 for transactions of Rs 75,000 and above. The fee will be shared among participants across the UPI ecosystem, including banks, PSPs and payment apps.