India's Unified Payments Interface (UPI) ecosystem saw consistent performance in September, processing 19,633.43 million transactions in total. The total value of payments increased marginally to Rs 24,89,736.54 crore, despite a slight decrease in transaction volumes when compared to August.

Key Highlights

• UPI transactions in September 2025 totaled 19.63 billion, a 1.9% decrease from August.
• Despite the dip, the total transaction value rose slightly to ₹24.90 lakh crore.

With approximately 45.6% of the total transaction volume and 48.4% of the total transaction value, PhonePe maintained its lead in the market. With 34.8% of the volume and 35.1% of the value, Google Pay came in second, and Paytm came in third with 7.1% of the volume and 5.8% of the value.

PhonePe's market share by volume decreased marginally from 45.74% to 45.6% when compared to August, but its share by value stayed steady at 48.4%. Both the volume and value market shares of Google Pay slightly decreased from 35.30% and 35.55% in August to 34.8% and 35.1% in September. Paytm's market share increased marginally from 7.0% in August to 7.1% by volume, but otherwise stayed mostly stable.

In August, the three hit their respective peak volumes of 9 billion, 7 billion, and 1.4 billion.

Although their market shares are still small, newcomers like Navi and super.money increased their footprint in the UPI space. While super.money accounted for 1.3% of volume and 0.4% of value, Navi recorded 2.7% of transaction volume and slightly over 1% of value.

Also Read: UPI Surpasses 20 Bn Monthly Transactions for the First Time in August

Together, Axis Bank Apps, CRED, BHIM, FamApp by Trio, and Amazon Pay provided the remaining volume and value. Despite having a lower transaction volume, CRED stood out with a 2.2% share by value.

Supermarkets and groceries accounted for 3,126.25 million transactions in September, totaling Rs66,409 crore, making them the top UPI merchant categories. Strong activity was also seen in telecom, restaurants, fast food joints, gas stations, and utility payments, indicating that consumers are still depending on UPI for daily and necessary purchases.

Crucially, there was a sharp decline in transactions for digital goods, including gaming. The actual figures may have been part of other transactions that NPCI reported, such as those involving the purchase of virtual real estate, cosmetic skins, and in-game currency. The Indian government's mid-August ban on real-money gaming platforms is to blame for this drop.