{"id":509214,"date":"2026-06-20T07:08:32","date_gmt":"2026-06-20T07:08:32","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/509214\/"},"modified":"2026-06-20T07:08:32","modified_gmt":"2026-06-20T07:08:32","slug":"phonepe-google-pay-duopoly-weakens-as-market-share-slips-below-80","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/509214\/","title":{"rendered":"PhonePe, Google Pay duopoly weakens as market share slips below 80%"},"content":{"rendered":"

Fintech giants PhonePe<\/a> and Google Pay<\/a>\u2019s combined UPI market share<\/a> slipped to 79% in May, according to data from the National Payments Corporation of India (NPCI), after holding over 80% in the last several years. <\/p>\n

This comes at a time when smaller UPI third-party payment applications<\/a> like Navi and Supermoney have upped their cashback offers<\/a> and are spending aggresively to grab significant market share. Also, well-funded fintech startups like Scapia secured its TPAP licence recently and players like Pop Club have started playing a dual commerce cum payments play using UPI as a hook.<\/p>\n

IPO-bound PhonePe, which recenty delayed its public markets debut<\/a>, saw its market share slip marginally to 46.3% in May, from 46.5% in the same month last year, while Google Pay\u2019s share fell to 32.7% from 36.1% in May 2025. <\/p>\n

Both players have been enjoying an overwhelming duopoly in the UPI market for years. In May 2024, the pair controlled nearly 86% of all UPI transaction volumes, according to the data. The third-largest app, Paytm<\/a>, recorded a 7.9% market share in May, up from 6.8% in the same month last year.<\/p>\n

Together, the top three UPI apps control nearly 87% of the market. Last year in May, the share stood at 89.4%. <\/p>\n

However, a new crop of UPI players, including Flipkart-backed Supermoney, Sachin Bansal’s Navi, Fampay, and WhatsApp Pay, have been steadily expanding their presence in the market through cashback-led customer acquisition and other offerings.<\/p>\n

Smaller UPI players increased their share in recent months, even as the market leaders continued to add users and transactions. For instance, Navi\u2019s market share rose to 3.6% in May this year, from 2.1% in the same month last year, and 0.2% in the year before that. Super.money\u2019s market share rose to 1.8% in May from 1.1% last year, and FamPay\u2019s share inched up to 0.9% from 0.6%. <\/p>\n

As overall UPI volumes rise, newer players have begun to gain meaningful share without displacing incumbents. In total, UPI transactions in May rose 24.2% year-on-year to 23.2 billion transactions<\/a> and amounted to Rs 29.9 lakh crore. Many new players are targeting specific customer cohorts such as GenZ users, credit-on-UPI users, and rewards-focused consumers.<\/p>\n

The development also comes as regulatory scrutiny around market concentration<\/a> continues. In November 2020, NPCI had proposed a 30% cap on the market share of any third-party UPI app to reduce the risk of over-concentration and duopoly. However, implementation of the rule has been repeatedly deferred<\/a>, with the latest deadline pushed to December 31. Despite the recent decline, PhonePe remains the clear market leader, while Google Pay continues to hold the second spot. <\/p>\n","protected":false},"excerpt":{"rendered":"Fintech giants PhonePe and Google Pay\u2019s combined UPI market share slipped to 79% in May, according to data…\n","protected":false},"author":2,"featured_media":509215,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[217482,8178,61,60,154367,202,217481,13835,22854,80,216133],"class_list":["post-509214","post","type-post","status-publish","format-standard","has-post-thumbnail","category-mobile","tag-fintech-companies","tag-google-pay","tag-ie","tag-ireland","tag-market-concentration","tag-mobile","tag-payment-applications","tag-paytm","tag-phonepe","tag-technology","tag-upi-market-share"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/509214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=509214"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/509214\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/509215"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=509214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=509214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=509214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}