PhonePe widens lead as UPI transactions climb to 23.66 billion in July

The Walmart‑backed payments firm represented 45.89 % of all UPI transactions in July | Photo Credit:
bl-online Administrator

PhonePe maintained its top position in India’s digital payments landscape in July, handling 10.86 billion transactions—up from 10.48 billion in June—while the broader UPI ecosystem posted robust growth, according to figures released by the National Payments Corporation of India (NPCI).

The Walmart‑backed payments firm captured 45.89 % of all UPI transactions in July, processing payments amounting to ₹14.44 lakh crore, which corresponds to a 48.33 % share of UPI’s total transaction value.

Google Pay retained the second position, with transaction volume increasing to 7.65 billion from 7.41 billion in June. It represented 32.33 % of UPI volumes and 33.51 % of transaction value, handling ₹10.01 lakh crore in payments.

PhonePe and Google Pay jointly handled over three‑quarters of UPI transactions in July, together accounting for 78.22 % of volume. Their combined value share was even larger, at 81.83 %.

Paytm stayed in third place, with monthly transaction volume rising to 1.90 billion from 1.80 billion in June. The platform contributed 8.05 % of transaction volumes and 6.85 % of transaction value, processing ₹2.05 lakh crore in payments.

Navi held the fourth spot, recording 947.08 million transactions in July versus 842.51 million in June. Its volume share climbed to 4 % and its value share stood at 1.62 %, with transactions totalling ₹48,318 crore.

Among the smaller participants, Flipkart‑backed super.money handled 437.27 million transactions, slightly above the 430.24 million logged in June. BHIM’s transaction volume increased to 242.27 million from 223.54 million.

FamApp by Trio processed 206.19 million transactions, while WhatsApp logged 167.89 million. CRED, meanwhile, slipped to 10^th place from ninth in June, with 142.10 million transactions.

Although CRED processed fewer transactions, it remained disproportionately valuable. It managed ₹59,279 crore in UPI payments, amounting to a 1.98 % share of transaction value. WhatsApp processed ₹12,957 crore, representing 0.43 %.

Axis Bank’s suite of apps collectively handled 143.77 million transactions spanning customer‑initiated, B2C and B2B payments, with a combined value of ₹13,940 crore.

In total, UPI recorded 23.66 billion transactions worth ₹29.88 lakh crore in July. The three biggest players—PhonePe, Google Pay and Paytm—together contributed 86.28 % of transaction volumes and 88.68 % of the overall value.

The July figures again underscore the concentration within India’s UPI market, as PhonePe and Google Pay continue to dominate transaction volumes even as more apps vie for a share of the ecosystem.

Published on August 15, 2026