PhonePe’s grip on India’s UPI market got even stronger in July. The payments platform processed 10.86 billion transactions during the month, up from 10.48 billion in June, taking it within touching distance of the 11 billion mark. It alone accounted for 45.89% of all UPI transactions recorded during the month.
The numbers look just as strong when money moved is taken into account. PhonePe handled transactions worth Rs 14.44 lakh crore in July, giving it a 48.33% share of UPI transaction value. Google Pay stayed comfortably in second place with 7.65 billion transactions worth Rs 10.01 lakh crore, while Paytm remained third with 1.90 billion transactions.
Below the top three, though, the rankings are getting more interesting. Navi held on to fourth place with 947.08 million transactions, while super.money and BHIM recorded 437.27 million and 242.27 million transactions respectively. FamApp followed with 206.19 million transactions.
WhatsApp also moved ahead of CRED during the month. The messaging platform recorded 167.89 million UPI transactions, compared with CRED’s 142.10 million, pushing CRED down from ninth place in June to tenth in July. Interestingly, CRED still handled a much larger transaction value — Rs 59,279 crore compared with WhatsApp’s Rs 12,957 crore.
UPI as a whole processed 23.66 billion transactions worth Rs 29.88 lakh crore in July. But the market remains heavily concentrated at the top: PhonePe and Google Pay together controlled 78.22% of transaction volume, while PhonePe, Google Pay and Paytm collectively accounted for 86.28%. For now, newer apps may be moving up and down the rankings, but India’s UPI race is still being led by a very familiar group.
Filed by
Startup Unplugged
