In July, PhonePe and Google Pay combined accounted for over 81% of the volume and value of all customer-initiated transactions in India, maintaining their dominance of the UPI ecosystem.
In July, UPI processed an unprecedented 19.47 billion transactions totaling Rs 25.08 lakh crore, according to data made public by the National Payments Corporation of India (NPCI).
In terms of volume, PhonePe (8.93 billion) held a dominant 45.88% share, while Google Pay (6.92 billion) came in second with 35.56%. PhonePe accounted for 48.64% of the Rs 25,08,498.09 crore total transaction value, while Google Pay made up 35.53%.
Key Highlights
- PhonePe processed over 8.54 billion UPI transactions in July, capturing around 46% of market share.
- Groceries and supermarkets topped UPI merchant payments with 3.03 billion transactions in July.
Together, Google Pay and PhonePe accounted for 84.17% of the value and 81.44% of the total UPI volume.
With 1,366.05 million transactions, Paytm ranked third with a volume market share of 7.02% and a value market share of 5.73%, or Rs 1,43,650.62 crore. Navi came next with Rs 23,562.51 crore in value (0.94%) and 444.06 million transactions (2.28%).
CRED (144.38 million; 0.74%) and Flipkart's super.money (252.85 million; 1.30%) both had much lower volume, but CRED had a larger value share of 2.20% because of higher-value transactions.
Amazon Pay and BHIM recorded 0.52% and 0.45% of volume, contributing 0.43% and 0.58% in value, respectively, while Trio's FamApp recorded 0.64% volume and 0.06% value share. 0.22% of the value and 0.38% of the volume were attributed to WhatsApp.
27.79 million transactions (0.14%) and Rs 5,483.32 crore in value (0.22%) were recorded by Axis Bank Apps.
Also Read: PhonePe and GPay Capture 82% UPI Share in June
Even as newer players like CRED, Navi, and super.money try to challenge the duopoly with specialized products and targeted user bases, PhonePe and Google Pay's continued dominance indicates the consolidation of India's digital payments market.
Supermarkets and groceries accounted for 3,032 million (3.03 billion) UPI transactions in July 2025, with a value of Rs 64,882 crore. Fast food (1.22 billion) and restaurants (1.15 billion) came in second and third, respectively. Despite having lower volumes, telecom services and service stations reported high values, indicating higher spends per transaction. UPI's expanding presence in daily transactions was mirrored in smaller categories such as pharmacies, bakeries, and digital goods.
Since 2.2 billion transactions are still categorized as belonging to the undefined category, it will take more time to reach every segment even though NPCI has finally provided category-wise data.
