The Unified payments interface (UPI) exprienced a 3.95% month-on-month growth in volume to 14.44 billion in July from 13.89 billion in June. On the other hand, PhonePe and Google Pay maintained their market share in the last month, Paytm registered a minor decline.

According to the report, National Payments Corporation of India (NPCI), PhonePe strikes 6.98 billion transactions in July which is followed by Google Pay and Paytm with 5.34 billion and 1.12 billion transactions, respectively. In this total revenue, 48.3% market share for PhonePe, 37% for Google and 7.82% for Paytm.

In June, PhonePe held a 48.3% market share in UPI, followed by Google Pay at 36.7% and Paytm with nearly 8%.

In terms of transaction value, PhonePe’s market share decreased from 50.27% in June to 49.85% in July, while Paytm’s share also dropped slightly to 5.98%. Meanwhile, Google Pay’s value market share increased from 35% to 35.6%.

The decline in market share for the leading players can be attributed to the emergence of new competitors such as CRED, NAVI, Groww, Slice, and Flipkart UPI, which have been capturing a significant portion of the transaction volumes.

According to NPCI data, CRED was the fourth largest player in the UPI space, followed by Axis Bank Apps, Amazon Pay, Navi, ICICI Bank Apps, Fampay by Trio, and Kotak Mahindra Bank Apps. Despite considerable hype, WhatsApp Pay secured the 11th position, ranking ahead of other prominent apps like BHIM, Groww, Slice, MobiKwik, and Flipkart UPI.

Among the newer entrants, Sachin Bansal-led Navi saw a significant increase in transactions, rising from 35 million in June to 68 million in July.

UPI is poised for further growth, having surpassed 500 million daily transactions on three occasions in August. This marks the fourth time UPI has achieved this milestone since its launch in April 2016. NPCI aims to reach 1 billion transactions per day by 2026-27.