PhonePe crosses 10 Bn UPI transactions for the first time in March

Walmart-backed digital payments platform PhonePe has crossed 10 billion UPI transactions in March for the first time since inception, as per data released by National Payments Corporation of India (NPCI).

UPI recorded 22.64 billion transactions in March, the highest ever for the payments network, up from 20.39 billion in February and 21.7 billion in January. The trend indicates a recovery after the February dip and renewed momentum in March.

PhonePe maintained its leadership during the month, processing 10.50 billion transactions and accounting for around 46.4% of total UPI volume. In value terms, its share stood at about 49.1%, underlining its strength across merchant payments as well as peer-to-peer transactions. The company had processed 9.28 billion transactions in February with a 45.5% share, and 9.9 billion in January with a 45.7% share.

Google Pay remained the second-largest player, processing 7.53 billion transactions in March and capturing around 33.3% market share by volume. Its share by value stood at nearly 33.9%. Paytm followed with 1.77 billion transactions, translating into a 7.8% share by volume and about 6.5% by value.

Other players remained far behind. Navi processed around 790 million transactions, while BHIM recorded 202 million transactions. Newer entrants such as super.money and FamApp by Trio continue to scale, though they remain relatively small.

Among smaller but notable players, CRED processed 163 million transactions worth Rs 62,029.55 crore and held a value share of over 2%, indicating a higher average ticket size. WhatsApp handled around 130 million transactions, while Axis Bank apps contributed a smaller share, including B2C transactions.

Startup Spotlight India

Previous Post

Mobile Gaming Startup Spill Games Nets $3 Mn To…

Next Post

Zerodha discontinues creator-led Zero1 programme over regulatory concerns