PhonePe has become the first UPI app to cross 10 billion monthly transactions milestone in March 2026, reinforcing its dominance in India’s rapidly expanding digital payments ecosystem.
According to data from the National Payments Corporation of India (NPCI), the platform processed transactions worth approximately Rs 14.48 lakh crore during the month, moving closer to the Rs 15 lakh crore mark. The milestone follows steady growth, with PhonePe previously recording around 9.8 billion transactions in December and 9.9 billion in January.
Key Highlights
- PhonePe crosses 10 billion monthly UPI transactions, becomes the first UPI app in India to achieve the milestone.
- UPI hits record 22.6 billion transactions worth Rs 29.5 lakh crore in March.
Google Pay retained its position as the second-largest UPI player, processing about 7.5 billion transactions in March, while approaching Rs 10 lakh crore in transaction value. Meanwhile, Paytm remained a distant third, handling nearly 1.7 billion transactions.
PhonePe and Google Pay together continue to dominate India’s UPI ecosystem, accounting for a combined market share of nearly 80%, with PhonePe alone contributing around 45% of total transaction volume.
Among smaller players, fintech platforms like Navi, BHIM, and super.money are gradually scaling up, contributing to rising competition in the UPI ecosystem, though still far behind the top two players.
Also Read: UPI March Transactions Hit Record 22.64 Billion
UPI Ecosystem
The broader UPI ecosystem recorded over 22.6 billion transactions in March, with total transaction value exceeding Rs 29.5 lakh crore, highlighting strong adoption of real-time digital payments across India.
This surge underscores the continued growth of India’s cashless economy, driven by increasing smartphone penetration, merchant acceptance, and seamless payment infrastructure.
Significantly, the NPCI has previously proposed capping the market share of any single UPI app at 30% to ensure fair competition. However, implementation challenges have delayed enforcement, allowing dominant players like PhonePe and Google Pay to maintain their lead.
