UPI January 2026 Data: PhonePe Maintained Dominance with 9.91 Billion Transactions

During January 2026, the UPI network recorded 21.7 billion transactions, with a total transaction value of ₹28,33,481 crore. PhonePe retained its leadership position in India’s Unified Payments Interface (UPI) ecosystem during the month, further strengthening its dominance. 

IPO bound PhonePe processed 9.91 billion transactions during the month, accounting for 45.7% of total transaction volume and 48.6% of total transaction value among UPI apps. With its current growth momentum, PhonePe is expected to cross the 10-billion monthly transaction milestone in the near future.

Google Pay and Paytm Under Top Three

Google Pay maintained its position as the second-largest UPI player, processing 7.23 billion transactions. It captured 33.3% of total transaction volume and 33.8% of overall transaction value during the month.

Paytm ranked third, clocking 1.66 billion transactions, translating into a 7.7% share by volume and 6.4% by value. In monetary terms, Paytm’s UPI transactions amounted to ₹1,81,973 crore in January.

Mid-Sized Players See Steady Activity

Among mid-tier players, Navi recorded 709 million transactions worth ₹37,956 crore, emerging as the strongest performer in this segment. It was followed by super.money, which processed 298 million transactions valued at ₹12,546 crore.

FamPay also continued to gain traction, processing 161 million transactions in January and moving ahead of CRED in terms of transaction volume during the month.

BHIM vs CRED: Volume vs Value Play

The government-backed BHIM app, which had overtaken CRED in December, maintained its lead in transaction volume in January. BHIM processed 172 million transactions worth ₹22,026 crore, compared to CRED’s 157 million transactions.

However, CRED continued to lead in terms of transaction value, recording ₹58,841 crore during the period. This reflects its continued focus on higher-value payments despite lower volumes.

Also Read: UPI Transactions Soar to ₹28.33 Trillion in January: NPCI Data

Other Notable Players

Axis Bank’s UPI apps registered a combined transaction volume of 153 million, largely driven by business-to-consumer payments. Meanwhile, WhatsApp Pay processed 113 million transactions worth ₹8,358 crore. Both platforms accounted for less than 1% of total UPI transaction volumes in January.

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