PhonePe, Google Pay Continue To Dominate UPI Market Share In July

In the Unified Payments Interface (UPI) ecosystem, PhonePe and Google Pay continued to dominate the market in July, keeping pace with the overall growth of UPI transactions.

However, Paytm, the third-largest player in the ecosystem, experienced a slight decline.

According to the National Payments Corporation of India (NPCI) data, PhonePe registered 6.98 Bn transactions worth INR 10.28 Lakh Cr in July, followed by Google Pay with 5.34 Bn transactions worth INR 7.35 Lakh Cr, and Paytm with 1.12 Bn transactions worth INR 1.23 Lakh Cr.

In June, PhonePe processed 6.7 Bn transactions, while Google Pay recorded 5.1 Bn transactions, and Paytm registered 1.1 Bn transactions.

In July, PhonePe held a 48.3% market share in the UPI ecosystem, followed by Google Pay at 37% and Paytm at 7.82%. These figures are mostly consistent with those from June, where PhonePe also had a 48.3% market share, while Google Pay and Paytm held 36.7% and nearly 8% of the market, respectively.

CRED ranked as the fourth-largest player in the UPI ecosystem. Among the new entrants, Sachin Bansal-led Navi nearly doubled its transactions, growing from 35 Mn in June to 68 Mn in July.

In terms of transaction value, PhonePe’s market share declined from 50.27% in June to 49.85% in July, while Paytm’s share also saw a slight decrease to 5.98%. Meanwhile, Google Pay’s value market share increased from 35% to 35.6%.

Overall, UPI transactions rose 3.95% month-on-month (MoM) to 14.44 Bn in July from 13.89 Bn in the previous month. On a year-on-year (YoY) basis, the transaction count surged 49%.

In addition, the UPI transaction volume in July stood at INR 20.64 Lakh Cr, 2.8 % higher than June’s INR 20.07 Lakh Cr. On a year-on-year (YoY) basis, the transaction volume surged 35%.

Meanwhile, NPCI has announced incorporation of NPCI BHIM Services Ltd (NBSL), formerly known as Bharat Interface for Money (BHIM), as a wholly owned subsidiary. The move is intended to keep pace with innovation and rapidly shifting customer preferences.

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