The NPCI August data shows that Unified Payments Interface (UPI) transactions reached 24.51 billion in August, with PhonePe retained the top position among UPI apps, crossing the 11 billion monthly transaction mark. Google Pay remained in second place, while Paytm continued to rank third.

Key Highlights

• NPCI August data shows UPI transactions reached 24.51 billion, with PhonePe accounting for 45.64% volume share.
• Google Pay recorded 7.91 billion transactions, while PhonePe processed UPI payments worth Rs 14.26 lakh crore.

PhonePe Crosses 11 Billion UPI Transactions

PhonePe recorded 11.19 billion UPI transactions in August, compared with 10.86 billion in July. The platform accounted for 45.64% of total UPI transaction volume.

In terms of value, PhonePe processed UPI transactions worth Rs 14.26 lakh crore, representing a 47.82% share of the overall transaction value.

Google Pay recorded 7.91 billion transactions in August, compared with 7.65 billion in July. It held a 32.26% share of UPI transaction volume and a 33.78% share by value. The platform processed transactions worth Rs 10.07 lakh crore.

Paytm retained the third position with 1.97 billion transactions, up from 1.90 billion in July. It accounted for 8.03% of UPI transaction volume and 6.87% of transaction value, with transactions worth Rs 2.05 lakh crore.

NPCI August Data: Top UPI Apps

Navi Holds Fourth Position

Navi retained the fourth position in August with 1.08 billion transactions, compared with 947.08 million in July. Its transaction-volume share increased to 4.40%, while its value share stood at 1.76%.

Navi processed transactions worth Rs 52,513 crore during the month.

Flipkart-backed super.money recorded 421.87 million transactions, compared with 437.27 million in July. BHIM recorded 253.69 million transactions, up from 242.27 million in the previous month.

FamApp by Trio processed 223.31 million transactions, while WhatsApp recorded 183.69 million. CRED remained in the 10th position with 143.94 million transactions.

Despite its lower transaction volume, CRED processed transactions worth Rs 57,398 crore and accounted for 1.92% of UPI transaction value. WhatsApp's transaction value stood at Rs 13,948 crore, representing a 0.47% share.

PhonePe and Google Pay Dominate UPI Volume

PhonePe and Google Pay together accounted for 77.90% of total UPI transaction volume in August. Their combined share of transaction value stood at 81.60%.

The top three UPI players - PhonePe, Google Pay and Paytm - accounted for 85.93% of transaction volume and 88.47% of transaction value during the month.

Axis Bank's apps recorded 146.78 million transactions across customer-initiated, B2C and B2B payments. Their combined transaction value stood at Rs 14,024 crore.

Also Read: UPI Payments via Credit Cards Escape the New 0.4% Fee: Check Details

New MDR Framework to Cover Select UPI Payments

The NPCI data comes ahead of the new Merchant Discount Rate (MDR) framework scheduled to take effect from October 15.

Under the new framework, select person-to-merchant (P2M) UPI transactions above Rs 2,000 will attract a 0.4% MDR, capped at Rs 300 for transactions of Rs 75,000 and above. The fee will be distributed among participants in the UPI ecosystem, including banks, payment service providers and payment apps.

The new framework could provide a potential revenue stream for UPI apps such as PhonePe, Google Pay and Paytm, although its impact will depend on the transactions covered under the revised MDR structure.