Oct 14: Navi has entered the top five UPI apps as of September 2024, a month that marked a major milestone for the Unified Payments Interface (UPI) with total transactions exceeding 15 billion for the first time since its launch in April 2016.

PhonePe remains the market leader, handling 7.22 billion transactions worth Rs 10,30,871 crore, according to data from the National Payments Corporation of India (NPCI). Google Pay is in second place with 5.62 billion transactions totalling Rs 7,46,690 crore. 

Paytm’s transaction figures remained relatively stable from August to September. PhonePe controls 48% market share in terms of volume of transactions; Google Pay (37.4%) and Paytm (7%).

In August, market shares were slightly different: PhonePe had 48.3%, Google Pay 37.3%, and Paytm 7.21%. In terms of transaction value, PhonePe's share fell just below 50%, while Google Pay and Paytm held steady at 36% and 5.5%, respectively.

CRED and Navi recorded 140 million and 120 million transactions, with transaction values of Rs 47,982.71 crore and Rs 6,549.10 crore, respectively. Navi notably saw a 35% increase in transaction volume and made its debut in the top five apps this September.

Flipkart’s Super.money posted the highest growth among UPI apps, with a remarkable 120% increase in transactions, landing it in the 15th position, just after the government-backed BHIM app.

Out of the 15 billion transactions in September, 62% were peer-to-merchant (P2M) transactions, while peer-to-peer (P2P) transactions accounted for the rest. However, in terms of value, P2P transactions represented over 72.5%, with P2M transactions making up the remainder.

Recently, the NPCI raised UPI transaction limits, increasing the cap for certain payments to Rs 5 lakh. Limits for UPI Lite Wallet and UPI 123Pay have also been adjusted. These enhancements are part of the Indian government’s goal to reach 1 billion transactions per day by 2026-27, aiming to boost digital engagement among consumers.