UPI Payments: Navi and super.money Expand, Market Share for PhonePe, Google Pay Falls

India’s Unified Payments Interface (UPI), the country’s most widely used digital payments system facilitating over 20 billion transactions worth around ₹25 lakh crore every month, is witnessing gradual changes in market dynamics.

PhonePe and Google Pay, the leading players in India’s UPI ecosystem, have seen their combined market share decline by 4 percentage points over the past year. PhonePe lost 2.6 percentage points, while Google Pay declined by 1.5 percentage points. The top three apps PhonePe, Google Pay, and Paytm processed 95.2% of all UPI transactions in January 2024, which fell to 88.3% by July 2025.

Shift in Market Share

Newer entrants such as Sachin Bansal’s Navi and Flipkart-backed super.money have gained traction through aggressive marketing and user incentives. Other apps, including NPCI’s BHIM and POPclub (which received investment from Razorpay in June 2025), are also contributing to a broader ecosystem.

Ecommerce giants Amazon and Flipkart continue to operate in house UPI solutions through their TPAP licenses.

Despite these shifts, PhonePe remains the largest player with slightly over 45% market share, while Google Pay holds 35.5%. Together, the two apps still account for roughly 80% of all UPI transactions.

NPCI’s Efforts to Reduce Market Concentration

The National Payments Corporation of India (NPCI), which oversees the UPI framework, has been actively working to diversify the market. In 2024, 20 companies received TPAP approval to provide UPI services.

NPCI has also extended the market cap rule intended to limit a single UPI app’s share to below 30% by two years to allow smoother implementation.

Read More: UPI to Enable Cross Border Money Transfers via Post Offices: A Global First.

Conclusion

While PhonePe and Google Pay continue to dominate UPI payments, the rise of newer players like Navi and super.money signals a gradual broadening of the market. NPCI’s efforts and fintech innovations are slowly creating a more competitive ecosystem without significantly altering the dominance of the top players.

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