In August 2025, the Unified Payments Interface (UPI) in India recorded its highest monthly volume ever, surpassing 20 billion transactions. With 9.15 billion transactions, PhonePe remained the market leader in digital payments, accounting for 45.74% of all transactions and 48.26% of all values (Rs 11.99 lakh crore).

Google Pay came in second with a 35.55% share by value (Rs 8.83 lakh crore) and a 35.30% share by transactions (7.06 billion), according to NPCI data.

Key Highlights

• UPI transactions surpassed 20 billion in August, marking a historic peak in India’s digital payments.
• PhonePe maintained dominance with around 9.6 billion UPI transactions; Google Pay processed about 7.4 billion.

Google Pay and PhonePe both achieved monthly transaction milestones of 7 billion and 9 billion for the first time, respectively. With a 7.03% transaction share (1.41 billion transactions) and a 5.77% value share (Rs 1.43 lakh crore), Paytm held onto the far-off third position.

Additionally, the trend indicates that Google Pay, Paytm, and PhonePe's combined market share has decreased from 93.22% in January to just over 88% in July. This customer shift may be being driven by the release of new UPI apps, as well as discounts and promotional offers.

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

While CRED recorded 150 million transactions (0.75% share by transactions) but a comparatively strong 2.24% share by value because of larger ticket size payments, Navi recorded 504 million transactions (2.52% share by transactions) totaling Rs 25,397 crore.

The top 10 were completed by Axis Bank Apps, BHIM, Amazon Pay, FamApp by Trio, and super.money, all of which had less than 1% of the total transactions. Notably, in terms of transaction volume, super.money outperformed CRED.

Debt collection (Rs 77,007 crore), groceries (Rs 68,116 crore), and fuel (Rs 34,547 crore) accounted for the largest portion of UPI spending in August 2025. Following the ban of real money apps, digital goods, including gaming, dropped 26% to Rs 7,441 crore.