Fintech Startup Navi Joins The Club of top 5 UPI Apps in Sept, PhonePe Sits at the Top With Volume & Value

September 2024 was a watershed moment in the Unified Payments Interface (UPI) ecosystem, with cumulative transactions reaching 15 billion for the first time since its launch in April 2016.

PhonePe continues to dominate the industry, processing an amazing 7.22 billion transactions worth Rs 10,30,871 crore, according to figures supplied by the National Payments Corporation of India. Google Pay follows closely behind, with 5.62 billion transactions totaling Rs 7,46,690.05 crore.

In September, PhonePe had a minor decrease in both transaction volume and value, but Google Pay showed an increase in both measures during the same month. Paytm’s transaction numbers stayed mostly stable between August and September. As a result, PhonePe now has a 48% market share by volume, followed by Google Pay with 37.4% and Paytm with 7%.

Related: Paytm Reshuffles Leadership, Appoints Deependra Singh Rathore As CTO, Manmeet Dhody As AI Fellow

In August, the market share was slightly different, with PhonePe at 48.3%, Google Pay at 37.3%, and Paytm at 7.21 percent.

In terms of transaction value, PhonePe’s share fell slightly below 50%, while Google Pay and Paytm’s shares stayed unchanged at 36% and 5.5%, respectively.

CRED and Navi had 140 million and 120 million transactions, with values of Rs 47,982.71 crore and Rs 6,549.10 crore, respectively. Notably, Navi had a 35% increase in transaction volume and, for the first time in September, cracked the top five apps.

Flipkart’s Super.money saw the most growth among UPI-based apps in September, with a staggering 120% rise in transactions. It ranked 15th, barely below the government-supported BHIM app.

In September, peer-to-merchant (P2M) transactions accounted for 62% of the total 15 billion transactions, with peer-to-peer (P2P) transactions accounting for the remainder. However, in terms of transaction value, P2P transactions accounted for more than 72.5%, with P2M transactions making up the remainder.

In recent weeks, the NPCI increased UPI transaction restrictions, raising the upper cap for certain types of payments to Rs 5 lakh. Additionally, the restrictions for UPI Lite Wallet and UPI 123Pay have been increased. These modifications aim to encourage consumers to conduct more digital transactions, in line with the Indian government’s ambitious target of achieving 1 billion transactions per day by 2026-27.