In a major development within the Unified Payments Interface (UPI) ecosystem, September 2024 witnessed UPI transactions exceeding the 15 billion mark for the first time since its launch in April 2016.
PhonePe maintained its lead, processing a remarkable 7.22 billion transactions worth Rs 10,30,871 crore, as per data from the National Payments Corporation of India (NPCI). Google Pay followed closely, handling 5.62 billion transactions with a value of Rs 7,46,690.05 crore.
Though PhonePe saw a slight dip in both transaction volume and value in September, Google Pay experienced growth in both metrics during the same period. Paytm’s transaction numbers remained relatively steady from August to September. As a result, the market shares now stand at 48% for PhonePe, 37.4% for Google Pay, and 7% for Paytm, reflecting minor changes from August, when PhonePe held 48.3%, Google Pay 37.3%, and Paytm 7.21%.
When it comes to transaction value, PhonePe’s share fell slightly below 50%, while Google Pay and Paytm’s shares held steady at 36% and 5.5%, respectively.
Among emerging players, CRED processed 140 million transactions worth Rs 47,982.71 crore, while Navi saw a significant increase, registering 120 million transactions valued at Rs 6,549.10 crore. Navi’s 35% growth in transaction volume allowed it to break into the top five UPI apps for the first time.
Flipkart’s Super.money app recorded the highest growth among UPI-based platforms in September, achieving a remarkable 120% surge in transactions, securing 15th place, just behind the government’s BHIM app.
Of the 15 billion transactions processed in September, peer-to-merchant (P2M) transactions made up 62%, while peer-to-peer (P2P) transactions accounted for the remaining portion. However, in terms of value, P2P transactions dominated, representing over 72.5%, with P2M transactions contributing the rest.
Recently, NPCI increased transaction limits for UPI, raising the upper cap for certain payments to Rs 5 lakh. Additionally, limits for UPI Lite Wallet and UPI 123Pay were expanded to promote higher volumes of digital transactions. These updates align with the Indian government’s goal of achieving 1 billion UPI transactions per day by 2026-27.