Razorpay has emerged as the largest UPI payment aggregator in the country, processing 21% of all UPI transaction value routed through payment gateways between August and October this year, according to NPCI data, exclusively accessed and reviewed by The Head and Tale.

This is probably the first time NPCI has compiled a market-share view of UPI payment flows handled by the country's payments majors. To be clear, the dataset – which is not publicly released – shows payments value processed by payment aggregator via 'UPI collect' method. UPI Intent is not tracked in this data, per sources.

[The UPI Collect flow involves the merchant sending a payment request to the customer, who then approves the transaction. And, UPI Intent allows merchants to generate a UPI payment link or button that directs customers to their UPI app with pre-filled payment details.]

Razorpay leads across both operating systems, contributing 19% of UPI processing on iOS and 18% on Android.

HDFC Bank is the second-largest with 17% share, followed by PayU at 11%, the data shows.

HDFC's contribution stood at 7% each from both platforms; while PayU showed a stronger tilt towards Android (14%) compared to iOS (11%).

Paytm, once among the most aggressive UPI processors, ranks fourth with 9% overall share on the acquirer side. Interestingly, its presence on iOS during the period stood 20% versus Android (15%), making it the second-strongest player on Apple devices.

Billdesk was among top UPI payment aggregator with 8% share in terms of value processed – 11% on iOS and 9% on Android.

Apart from HDFC, other traditional banks also fought neck to neck with new-age payments firms to grab a share in the Top 10 list.

ICICI Bank processed 6% of total UPI gateway flows, evenly split at 5% each across iOS and Android. Axis Bank, on the other hand, had 3% market share overall, with iOS (3%) and a slightly higher 4% share on Android.

The country's largest PSU lender State Bank of India (SBI) contributed 2% overall, though its Android share stood at 4%.

Other new-age payment aggregators Cashfree captured 4% share overall, with  iOS at 4% and Android at 6%; and Easebuzz accounted for 2%, with 3% each from iOS and Android users.

The "Others" category – a mix of mid-tier and smaller aggregators – still accounts for a sizable 17% chunk of total processing value.

Volume data

The volume-wise data, also accessed and reviewed by The Head and Tale, shows a slightly different leaderboard but underscores the same trend as Razorpay remains the top UPI payment aggregator by transaction count as well, handling 18% of all UPI payment volumes through 'UPI Collect' mode between August and October. Its dominance is even more pronounced on Android, where it accounts for 22% of all transactions routed through payment gateways. 

Paytm, meanwhile, is neck-and-neck with Razorpay. The Noida-based fintech giant processed 17% of the total UPI volume through the Collect method – a stronger showing compared to its value share. However, it contributes just 8% of iOS volumes and 9% on Android. 

PayU ranks third with 13% of total volumes, followed closely by Billdesk at 11%. HDFC Bank, despite being the second-largest in value terms, handles only 7% of volumes – but shows an unusually high 18% share on iOS.

Cashfree shows a stronger presence in the volume dataset than in the value chart. While it accounts for 4% of total UPI value processed, its share rises to 6% when measured by transaction count. Amazon Pay makes a surprising entry into the UPI volume segment with 3% share. 

Other banks like ICICI Bank, Axis Bank, and State Bank of India contributed 5%, 4%, and 3% respectively.

The "Others" category accounts for 13% of volumes but has an outsized 21% share on iOS, suggesting fragmentation at the smaller end of the market. 

Over past few months, NPCI has been unpacking UPI data across different layers, giving a clearer view of how the network operates. In August, the UPI operator disclosed category-wise merchant transaction numbers.