In October, UPI-based customer-initiated transactions are still dominated by PhonePe and Google Pay. Together, the two apps handled about 80% of the month's total volume and value through the top 10 apps.

Key Highlights

• PhonePe processed approximately 9.4 billion UPI transactions in October. 
• The app captured roughly 45.5 % of UPI volume and about 47.9 % of the transaction value.

With 9,412.07 million (9.4 billion) transactions, PhonePe topped the table with a 45.47% market share by volume. It contributed 47.88% of the total value of Rs 27,27,790.68 crore by processing Rs 13,06,401.90 crore.

With 7,165.80 million (7.1 billion) transactions and a 34.62% volume share, Google Pay came in second. It handled a value of Rs 9,54,186.10 crore, or 34.98% of the total.

To put things in perspective, UPI recorded an all-time high of 20.7 billion monthly transactions in October, exceeding its prior record of 20.1 billion in August.

With 1,522.78 million (1.5 billion) transactions, Paytm came in a far third place with a 7.36% share by volume. It handled 6.13% of the total, or Rs 1,67,177.27 crore. Super Money had 264.79 million transactions, or 1.28%, compared to Navi's 574.30 million transactions and 2.77% market share by volume. Super.money only witnessed a 3% rise in monthly transactions, whereas Navi saw a 9% increase in volume.

Despite processing 157.99 million transactions, CRED, one of the smaller players, provided a comparatively larger 2.29% of the total value at Rs 62,438.03 crore. With less than 1% of the total, BHIM and Amazon Pay reported 125.70 million and 94.32 million transactions, respectively.

Also Read: PhonePe Integrates ChatGPT to Bring AI Assistance to Indian Users

Groceries and supermarkets accounted for the majority of UPI expenditure in October, with 3,273.16 million transactions totaling Rs 76,073 crore, according to NPCI data. Restaurants recorded 1,190.63 million sales worth Rs 20,842 crore, while fast food outlets recorded 1,357.89 million transactions worth Rs 16,798 crore. Service stations had 657.36 million transactions with a high outlay of Rs 38,072 crore, and telecom services recorded 867.86 million transactions totaling Rs 22,169 crore, demonstrating UPI's dominance throughout everyday and vital spending.

Another significant category was digital gold, which increased from 103.19 million transactions for Rs 1,410 crore in September to 115.95 million transactions worth Rs 2,290.36 crore in October.