PhonePe Leads UPI Transactions In August With 48.4% Market Share

Walmart-owned PhonePe reported 7.23 billion UPI transactions worth Rs 10.33 lakh crore in August, securing a dominant market share of 48.4 per cent  by volume and 50.1 per cent  by value, according to the National Payments Corporation of India (NPCI). This reflects a slight increase from July, when PhonePe held a 48.3 per cent  share by volume and 49.8 per cent  by transaction value.

Google Pay maintained its position as the second-largest player with a 37.3 per cent  market share by volume and 36 per cent  by value. However, Paytm’s market share by volume dropped to 7.2 per cent  in August from 7.8 per cent  in the previous month, while its market share by value fell to 5.5 per cent  from 5.9 per cent .

Overall, UPI transactions rose 3.6 per cent  month-on-month in August, reaching 14.96 billion transactions worth Rs 20.61 lakh crore. Peer-to-merchant (P2M) transactions made up 62.4 per cent  of the total, while peer-to-peer (P2P) transactions accounted for 37.6 per cent .

Among other players, Sachin Bansal’s Navi surpassed Amazon Pay in transaction volume, registering 88.71 million UPI transactions compared to Amazon Pay’s 70.72 million. However, Amazon Pay still led in terms of transaction value with Rs 7,744 crore, higher than Navi’s Rs 4.65 crore. FamPay also outpaced ICICI Bank’s UPI app with 57 million transactions compared to ICICI’s 51 million.

Kunal Shah’s Cred, holding the fourth-largest market share, recorded 147 million transactions in August, a 3 per cent  increase from July.