PhonePe and Google Pay Lead UPI Market in July with Consistent Growth | BulletsIn

In July, PhonePe and Google Pay continued to dominate the Unified Payments Interface (UPI) market, maintaining their stronghold with a significant share of transactions and value. Despite a slight decline in market share for Paytm, the overall UPI ecosystem experienced growth, with transaction volumes and values showing positive trends. The newly incorporated NPCI BHIM Services Ltd aims to keep pace with innovation and evolving customer preferences.

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• PhonePe and Google Pay retained their leadership in the UPI ecosystem in July.
• PhonePe processed 6.98 billion transactions worth INR 10.28 Lakh Cr.
• Google Pay followed with 5.34 billion transactions valued at INR 7.35 Lakh Cr.
• Paytm, the third-largest player, registered 1.12 billion transactions worth INR 1.23 Lakh Cr.
• PhonePe held a 48.3% market share, while Google Pay captured 37%.
• Paytm’s market share slightly declined to 7.82% in July.
• CRED ranked as the fourth-largest player in the UPI ecosystem.
• New entrant Navi doubled its transactions from 35 million in June to 68 million in July.
• UPI transactions grew by 3.95% month-on-month to 14.44 billion in July.
• The overall UPI transaction volume in July was INR 20.64 Lakh Cr, marking a 2.8% increase from June.