In March, the amount of transactions using the Unified Payments Interface (UPI) increased by 13.6% to 18.30 billion. Axis Bank surpassed CRED to grab seventh spot, but the top five UPI apps—PhonePe, Google Pay, Paytm, Navi, and Super.money—retained their positions.
This comes after Super.money overtook CRED in the top five ranks in February, marking a similar change.
Following 125 million B2C transactions in March, Axis Bank overtook CRED. B2C (business-to-customer) transactions in the UPI system involve payments that companies make to their clients, such as cashback, salary, or refunds.
After handling 8.64 billion transactions, PhonePe maintained its dominant 47.25% market share by transaction volume. Google Pay, which processed 6.59 billion transactions, came in second with 36.04%. The two titans combined accounted for more than 83% of all UPI transactions.
The third-biggest participant, Paytm, made 1.22 billion transactions, or 6.67% of the total.
PhonePe once again held the top spot in terms of transaction value, processing approximately Rs. 12.57 lakh crore with a market share of 50.76%. Google Pay came in second at 34.99% (Rs. 8.66 lakh crore).
CRED was a high-value player that contributed Rs. 55,091.22 crore, or 2.22% of the total value, despite having a tiny volume share of 0.79%. This illustrates how the company is positioned among valuable users.
Despite having a very small volume and value, other apps like Amazon Pay, ICICI Bank, and Axis Bank nonetheless catered to particular customer categories.
A new initiative with a budget of Rs. 1,500 crore was recently approved by the Indian government to encourage small merchants to use the BHIM-UPI platform for digital payments.
