PhonePe, Google Pay Continue To Lead UPI Race In June

Maintaining consistency, the Unified Payments Interface (UPI) saw marginal to no change in its app players performance for June.

PhonePe and Google Pay maintained their duopoly followed by Paytm securing the third position.

PhonePe recorded 854.7 Cr transactions, worth INR 11.98 Lakh Cr in the month under review. This transaction count is 1.5% lower than the 868.20 Cr transactions recorded in May.

On the other hand, Google Pay recorded 654.1 Cr UPI transactions in June, declining almost 3% month-on-month from 674.04 Cr transactions recorded in the preceding month.

The overall UPI transaction count slumped to 18.40 Bn in June from an all-time high of 18.68 Bn in the previous month.  

As per the data released by the National Payments Corporation of India (NPCI), the UPI transactions in June accounted for INR 24.04 Lakh Cr, a 4.4% decline from INR 25.14 Lakh Cr worth transactions recorded in the previous month.

Out of the 18.40 Bn UPI transactions recorded in June, 18.09 Bn transactions were recorded by the UPI app platforms 

Securing the third position, Paytm accounted for 7% of the UPI app market share in June, after recording 126.9 Cr transactions worth INR 1.34 Lakh Cr. The transaction count increased marginally MoM from 125.75 Cr transactions recorded in May.

During the month under review, Paytm also rolled out a new personalised UPI IDs feature, enabling users to hide their mobile number while sending and receiving money.

Moving ahead, Navi and Flipkart-backed super.money contributed in the UPI app market share, with a weightage of 2.24% and 1.20% respectively. While Navi’s UPI transaction count increased to 40 Cr, super.money also grew with nearly 22 Cr transactions in the month under review.

Kunal Shah-led CRED saw a marginal decline in its UPI transaction volume to 13.83 Cr from 14.19 Cr transactions recorded in the month of May.

Notably, NPCI-owned BHIM (Bharat Interface for Money) recorded a 13.1% jump in its transaction volume to 7.3 Cr in the month under review from 6.4 Cr in May. The platform surpassed Whatsapp Payments to obtain the 10th position in the UPI app leader board. 

This comes on the back of BHIM rolling out new incentives and offers under its latest version BHIM 3.0, including discounts and cash backs to its users. 

Last month, NPCI also released new mandates to reduce the response time for processing UPI payments. 

As a part of this mandate, the digital payment authority instructed direct remitter banks, beneficiary banks as well as payer and payee payment service providers (PSPs) to reduce response time for UPI APIs initiated by the NPCI to as low as 10 seconds for certain transactions.

Speaking at the Digital Payments Award 2025, finance minister Nirmala Sitharaman said that India now accounts for half of all real-time digital payments (48.5%) in the world and over 35 Cr users are part of the Unified Payment Interface (UPI) ecosystem.