In January, PhonePe continued to dominate the Unified Payments Interface (UPI) ecosystem. Among UPI apps, the Walmart-backed fintech handled 9.91 billion transactions, accounting for 45.7% of overall volume and 48.6% of value.

Over the course of the month, UPI handled 21.7 billion transactions totaling Rs 28,33,481 crore.

Key Highlights

• PhonePe led UPI transactions in January with 9.91 billion payments, commanding nearly half the market share.
• CRED slipped to eighth position as BHIM and FamPay gained momentum in monthly transaction volumes.

With 7.23 billion transactions, Google Pay maintained its second-place ranking. The platform was responsible for 33.8% of the total value and 33.3% of the total transaction volume. With 1.66 billion transactions, Paytm came in third place with a volume share of 7.7% and a value share of 6.4%. The total value of Paytm's UPI transactions during that time was Rs 1,81,973 crore.

It is anticipated that PhonePe would soon surpass 10 billion monthly transactions based on the present trend.

Navi completed 709 million transactions totaling Rs 37,956 crore among mid-sized companies, while super.money processed 298 million transactions totaling Rs 12,546 crore.

Additionally, FamPay kept gaining popularity on the UPI platform. In January, the fintech company processed 161 million transactions, surpassing CRED in terms of monthly transaction volume.

The government-supported BHIM app surpassed CRED in terms of volume in December. In January, this pattern persisted, with CRED processing 157 million transactions and BHIM processing 172 million transactions totaling Rs 22,026 crore. With transactions totaling Rs 58,841 crore, CRED maintained its lead in value despite reduced volumes, demonstrating its emphasis on higher-value payments.

Also Read: UPI Transactions Hit Record Rs 230 Lakh Crore in Apr-Dec 2025

Business-to-consumer payments accounted for a substantial portion of the 153 million transactions reported by Axis Bank's UPI apps. 113 million transactions totaling Rs 8,358 crore were handled by WhatsApp Pay. Less than 1% of all Unified Payments Interface volumes came from these two systems.