PhonePe, Google Pay command 82% of UPI transaction volumes
11 Jul 2025, 04:58 PMPhonePe topped the list, processing 8.55 billion transactions worth Rs 11.99 lakh crore, securing a 46.5% share by volume and nearly half the total transaction value.
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India processed 18.4 billion unified payments interface (UPI) transactions worth Rs 24.04 lakh crore in June, a slight drop from May, according to data from the National Payments Corporation of India (NPCI).
Despite the dip, Walmart-owned PhonePe, and Google Pay, continued to corner the maximum share with both of them together accounting for over 82% of all transactions by volume.
PhonePe topped the list, processing 8.55 billion transactions worth Rs 11.99 lakh crore, securing a 46.5% share by volume and nearly half the total transaction value.
Google Pay followed with 6.54 billion transactions worth Rs 8.41 lakh crore, representing 35.6% in volume and 35% in value.
Listed fintech player Paytm remained in third place, logging 1.27 billion transactions valued at Rs 1.34 lakh crore. The platform captured 6.9% of the volume and 5.6% of the value.
Among newer players, super.money, which is backed by Flipkart, outpaced Kunal Shah-led fintech unicorn Cred in transaction count but trailed in terms of value.
Other emerging apps like Navi and FamApp posted 406 million and 113 million transactions, respectively. Navi’s transaction value stood at Rs 21,815 crore, while FamApp recorded a modest Rs 1,440 crore.
Amazon Pay processed 93 million transactions worth Rs 9,942 crore.
Notably, state-owned BHIM made a comeback to the top 10 with 73 million transactions worth Rs 11,726 crore.
Apps run by private banks, like Axis Bank’s offerings, contributed lower volumes (24 million) but handled Rs 5,231 crore in value. Axis Bank’s app stood out as the only one to report B2C UPI transactions -- 102 million transactions worth Rs 4,155 crore in this category.
On the international front, UPI is already active in countries such as Bhutan, Nepal, Mauritius, Sri Lanka, Singapore, France, Oman, and the UAE. NPCI is now eyeing expansion into Qatar, Thailand, Malaysia, and other Southeast Asian countries.
Meanwhile, the UK, Oman, and the Maldives are either exploring integration or are in early implementation phases. Namibia is expected to roll out UPI services in 2025.
Incorporated in 2008, NPCI functions as an umbrella organization for operating retail payment and settlement systems in India. UPI, its flagship product, was launched in 2016 and its usage widened on the back of the government's digital push as well as the pandemic.
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