PhonePe Continues To Lead UPI Race In July, Market Share Sees Marginal Decline

SUMMARY

In July, PhonePe facilitated 893 Cr out of the total 19.47 Bn transactions, accounting for 46.64% market share

Google Pay secured the second spot after PhonePe, facilitating 692 Cr transactions worth INR 8.91 Lakh Cr

The total transaction count climbed 5.8% to 19.47 Bn in July, touching a new all-time high

Even as UPI transaction volume touched a fresh all-time high in July, the app player rankings remained unchanged, with PhonePe and Google Pay retaining the top spots.

In July, PhonePe facilitated 893 Cr out of the total 19.47 Bn transactions, accounting for 46.64% market share. Despite clocking INR 12.20 Lakh Cr in transaction value, its market share dipped marginally from June’s 47.22%.

In the month under review, Google Pay secured the second spot after PhonePe, facilitating 692 Cr transactions worth INR 8.91 Lakh Cr and accounting for 36.15% of the market.

In July, the total transaction count climbed 5.8% to 19.47 Bn, touching a new all-time high. On a year-on-year (YoY) basis, the transaction count jumped 35%. Of this, UPI apps accounted for 19.14 Bn transactions.

As per National Payments Corporation of India’s (NPCI) data, the UPI transactions in July accounted for INR 25.08 Lakh Cr, a 4.3% jump from INR 24.04 Lakh Cr worth transactions recorded in the preceding month.

Prior to this, UPI transaction volume touched an all-time high mark in May with 18.68 Bn.

PhonePe Retains UPI Crown In July, Market Share Sees Marginal Decline

Even with minimal shifts in the UPI ecosystem, a handful of players witnessed a marginal uptick in transactions during the month under review.

At 7%, Paytm recorded a market share similar to that of last month. The Vijay Shekhar Sharma-led fintech major clocked 136 Cr UPI transactions with a value of INR 1.43 Lakh Cr, against 126.9 Cr transactions worth INR 1.34 Lakh Cr recorded in June.

Meanwhile, Sachin Bansal-led Navi and Flipkart-backed super.money contributed to the UPI app market share, with a weightage of 2.31% and 1.32%, respectively. While Navi’s UPI transaction jumped to 44.4 Cr, super.money also grew with nearly 25.2 Cr transactions in the month under review.

In June, both companies recorded 40 Cr and 22 Cr transactions, respectively.

Kunal Shah’s CRED captured 0.75% market share with its transaction count staying uniform at 13.83 Cr in the month under review. Notably, the startup’s transaction count slipped in June to 13.83 Cr from 14.19 Cr in May. However, the transaction value recorded by CRED stands at INR 55,259 Cr, which is much higher than super.money’s transaction value of INR 9,018. Cr.

FamApp moved to the seventh spot, surpassing Axis Bank Apps with 12.5 Cr transactions worth INR 1,563 Cr. Notably, FamApp overtook Amazon Pay in April.

In July, Amazon Pay recorded 10.05 Cr transactions in the month under review.