UPI In September: Market Leaders See Slight Decline Amid Overall Transactions Fall

Amid a broader dip in overall UPI monthly transactions in September, the second largest player in the space Google Pay lost a small chunk in its market share for the second consecutive month. 

The Google-owned UPI app recorded 683 Cr transactions worth INR 8.7 Lakh Cr in the month under review, accounting for 35.4% of the market. This marked a slight decline from 35.9% market share held in August and 36.15% in July. 

IPO-bound PhonePe, which has been the market leader for about five years now, also saw a slight dip in its market share in the month, slipping 0.1% to 46.4%.  While it recorded 896 Cr transactions in September, its transaction value remained flat at INR 12.03 Lakh Cr. 

The third largest UPI player, Paytm, maintained its 7% market share in the month under review, processing 139.4 Cr UPI transactions worth INR 1.5 Lakh Cr. 

While the aforementioned UPI leaders saw some decline in the past month, Navi, which has maintained its fourth position for some time now, saw a slight uptick in its market share in the month. The startup recorded 52.6 Cr transactions worth INR 26,500 Cr in September, up 5% from the 50.4 Cr transactions worth INR 25,000 Cr processed in August. This resulted in marginal increase in its market share to 2.7%

Flipkart’s super.money managed to hold onto its market share and fifth position by processing 25.6 Cr transactions worth INR 9.9K Cr in the month. CRED recorded a decrease in its UPI transaction volume to 14.7 Cr in September, from 15 Cr in the previous month. FamApp, on the other hand, recorded 14 Cr transactions worth INR 1,751 Cr. 

Overall, the total volume of UPI transactions also declined to 19.6 Bn in September from an all-time high mark of 20.1 Bn in August. As per NPCI data, the value of transactions remained flat at INR 24.9 Lakh Cr last month compared to INR 24.85 Lakh Cr in August.

The NPCI has released the UPI statistics days after unveiling several new innovations and UPI-related products during the Global Fintech Fest 2025. These include UPI Reverse Pay, UPI HELP, IoT payments, Banking connect and many more. 

Shortly after the launches, companies like Navi, Razorpay, Lenskart, PayU, and Cashfree also rolled out new products on the UPI front.  

Besides the product launches, the authority is also piloting an agentic AI framework for UPI, marking the next phase of what it calls “intelligent commerce”. As per Infosys cofounder and NPCI advisor Nandan Nilekani user-authorised AI chatbots and agents could discover, decide, and complete payments through UPI using contextual triggers, voice or text commands, and user-defined routines.