PhonePe retained its dominance in the Unified Payments Interface (UPI) ecosystem in July with 10.86 billion transactions against 10.48 billion in June, according to data released by the National Payments Corporation of India (NPCI).
The Walmart backed digital payments platform accounted for 45.89% of total UPI transaction volume in July. In value terms, PhonePe handled transactions worth Rs 14.44 lakh crore, giving it a 48.33% share of the total UPI transaction value.
Google Pay retained the second spot with 7.65 billion UPI transactions in July against 7.41 billion in June. The platform held a 32.33% share of transaction volume and a 33.51% share by value. Its transaction value stood at Rs 10.01 lakh crore during the month.
Paytm remained the third largest UPI player with 1.90 billion transactions in July against 1.80 billion in June. The fintech platform accounted for 8.05% of UPI transaction volume and 6.85% of transaction value. Its transaction value stood at Rs 2.05 lakh crore.
Navi retained the fourth position with 947.08 million transactions against 842.51 million in June. Its volume share rose to 4% in July, while its value share stood at 1.62%. The platform handled transactions worth Rs 48,318 crore.
Flipkart backed super.money recorded 437.27 million transactions in July against 430.24 million in June. BHIM recorded 242.27 million transactions against 223.54 million in the previous month.
FamApp by Trio recorded 206.19 million transactions in July, while WhatsApp registered 167.89 million transactions. WhatsApp remained ahead of CRED, which recorded 142.10 million transactions during the month.
CRED slipped to the 10th position in July from ninth in June. Despite its lower transaction volume, CRED handled transactions worth Rs 59,279 crore and accounted for 1.98% of UPI transaction value. WhatsApp’s transaction value stood at Rs 12,957 crore, giving it a 0.43% share.
Axis Bank’s apps recorded 143.77 million transactions across customer initiated, B2C and B2B payments. Their combined transaction value stood at Rs 13,940 crore.
Overall, UPI recorded 23.66 billion transactions worth Rs 29.88 lakh crore in July. PhonePe and Google Pay together accounted for 78.22% of total UPI transaction volume and 81.83% of transaction value.
The top three players, PhonePe, Google Pay and Paytm, accounted for 86.28% of UPI transaction volume and 88.68% of transaction value in July.