With total transactions surpassing 15 billion for the first time since its inception in April 2016, September 2024 marked a significant milestone in the UPI ecosystem. According to data released by National Payments Corporation of India (NPCI), PhonePe continues to lead the UPI market by processing a staggering 7.22 billion transactions which was valued at INR 10,30,871 crore. It is then followed closely by Google Pay, recording 5.62 billion transactions worth INR 7,46,690.05 crore.

However, PhonePe has experienced a slight decline both with respect to transaction volume and value in September. While, if we look at Google Pay, it showed an upward trajectory in both  metrics at the same timeframe. While, if we look at Paytm’s transaction numbers, it remained largely unchanged from August to September tenure. And as a result, market shares by volume stands at 48 percent for PhonePe, 37.4 percent for Google Pay, and 7 percent for Paytm, respectively.

If we now look at August data, the market shares were slightly different, wherein, PhonePe stood at 48.3 percent, Google Pay at 37.3 percent, and Paytm at 7.21 percent, respectively. PhonePe’s share has decreased just below 50 percent in terms of transaction value, while Google Pay and Paytm’s shares have remained stable at 36 percent and 5.5 percent, respectively.

Now, if we have to look at CRED and Navi, they both recorded 140 million and 120 million transactions. The transaction values stood at INR 47,982.71 crore and INR 6,549.10 crore, respectively. It is also important to note that Navi experienced a 35 percent increase in transaction volume, and for the first time in September, it was listed as the top five apps.

In September, Flipkart’s Super.money experienced the highest growth among UPI-based apps and boasted an impressive 120 percent upsurge in transactions. It also secured the 15th position, trailing just behind the government-promoted BHIM app.

Furthermore, in September, peer-to-merchant (P2M) transactions comprised 62%, while peer-to-peer (P2P) transactions made up the remaining portion out of the total 15 billion transactions. However, P2P transactions accounted for over 72.5%, with P2M transactions representing the rest in terms of transaction value.

The NPCI has raised transaction limits for UPI, increasing the upper cap for certain types of payments to INR 5 lakh in the recent weeks. Adding to this, the limits for UPI Lite Wallet and UPI 123Pay have also seen an upsurge. These changes focus on encouraging consumers to engage in more digital transactions so as to align with the Indian government’s promising goal of attaining 1 billion transactions per day by 2026-27.