PhonePe and Google Pay Lead UPI Ecosystem in December 2025

PhonePe continued to dominate India’s UPI landscape in December, processing 9.81 billion customer-initiated transactions worth ₹13.61 lakh crore, according to NPCI data. The Walmart-backed fintech held a 45.35% market share by volume and 48.68% by value among the top 10 UPI apps.

Google Pay and Paytm Saw Growth in Transactions

Google Pay retained the second spot with 7.5 billion transactions, representing 34.64% of total volumes and 34.25% of overall transaction value. Paytm remained in third place with 1.65 billion transactions, translating to 7.65% share by volume and 6.32% by value.

Navi, BHIM and CRED Following the Trail

Beyond the top three, activity was more fragmented. Navi recorded 678 million transactions, while super.money logged 287 million transactions. The government-backed BHIM app saw 158 million transactions, with CRED close behind at 157.25 million transactions. Notably, CRED registered nearly three times the transaction value of BHIM, highlighting its higher-value usage.

Axis Bank’s UPI apps and WhatsApp Pay contributed less than 1% each to overall transaction volumes. Overall, UPI posted one of its highest-ever monthly totals in December, with 21.63 billion transactions worth ₹27.97 lakh crore. The surge was driven by year-end spending, festive demand, and increased adoption in tier II and III cities for everyday small offline payments.

Transaction Patterns in December 2025

• Groceries and supermarkets led UPI usage, followed by fast food outlets, restaurants, telecom services, and fuel stations.
• Digital gold saw significant growth, with 183.32 million transactions worth ₹2,079.31 crore in December, up from 123.42 million transactions valued at ₹1,215.36 crore in November.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.