According to data issued by the National Payments Corporation of India, 20.47 billion transactions totaling Rs 26.32 lakh crore were recorded through the Unified Payments Interface in November.

Throughout the month, PhonePe continued to be the most used UPI app. 9.33 billion transactions, or 45.6% of all UPI volume and 48.5% of all transaction value, were completed by the Walmart-backed fintech company.

Key Highlights

• PhonePe retained UPI’s largest share in November with 45.6% of transactions and rising value.
• Google Pay’s transaction volume and market share dipped slightly month-on-month in November.

Despite a minor drop in transaction volume from October, PhonePe increased its market share in November.

With 7.03 billion transactions in November, Google Pay came in second. With a 34.4% share by volume and an identical 34.4% share by value, the Alphabet-owned app maintained a significant advantage over rivals. In November, Google Pay had a modest month-over-month decline in both transaction volumes and market share as compared to October.

With 1.55 billion transactions, or 7.6% of all UPI volumes, Paytm came in third. The business handled payments totaling Rs 1.64 lakh crore, or 6.2% of the total amount.

Navi handled 609 million transactions worth Rs 32,290 crore in November, giving it a 3% volume share among the smaller companies. With greater ticket size payments, Cred processed 154 million transactions with a transaction value of Rs 59,261 crore, while super.money registered 265 million transactions for Rs 10,581 crore. 

Also Read: UPI Surge Slows Growth of NPCI's Other Payment Modes

During the month, BHIM handled 141 million transactions totaling Rs 18,377 crore. Together, Axis Bank apps recorded 236 million transactions totaling Rs 16,221 crore, including B2C and B2B payments initiated by customers. While FamApp by Trio reported 150 million transactions worth Rs 1,868 crore, Amazon Pay processed 89 million transactions worth Rs 10,147 crore.

The data from November indicates that UPI is continuing to gain traction in both consumer and merchant payments in India, following the festive surge in October.

In terms of UPI purchasing patterns, daily consumption categories continued to dominate usage in November. With 3.22 billion transactions totaling Rs 71,129.56 crore, groceries and supermarkets topped the statistics. Fast food and restaurant categories came in second with over 2.6 billion transactions. Service stations were among the top categories with 658 million transactions totaling Rs 40,320.95 crore, while telecommunication services recorded 818 million transactions totaling Rs 21,399.70 crore. Although the amount of digital gold purchases increased by 6.4% from October to 123.42 million transactions in November, the value fell precipitously to Rs 1,215.36 crore.