India’s digital payments ecosystem recorded another milestone as leading platforms continued to scale transaction volumes on the National Payments Corporation of India-operated Unified Payments Interface.
PhonePe crossed the 10 billion monthly transactions mark in March, reinforcing its position as the largest UPI player in the country.
The platform processed transactions worth ₹14.48 lakh crore during the month, moving closer to the ₹15 lakh crore milestone in monthly value.
The growth builds on steady increases over previous months, with PhonePe recording 9.8 billion transactions in December and 9.9 billion in January.
Google Pay processed around 7.5 billion transactions in March, with total transaction value nearing ₹10 lakh crore.
At the ecosystem level, UPI recorded 22.6 billion transactions during the month, with a total value exceeding ₹29.6 lakh crore, reflecting continued expansion in digital payment adoption across the country.
The UPI ecosystem remains dominated by two major players. PhonePe holds approximately 45% market share, while Google Pay accounts for about 33%, forming a duopoly in the segment.
The NPCI has set an objective to limit the market share of any single app to below 30%. However, this guideline has not been enforced so far due to practical challenges and concerns over potential disruption to users.
Paytm remains a distant third, handling about 1.7 billion transactions worth nearly ₹1.9 lakh crore in March.
Among emerging platforms, Navi, led by Sachin Bansal, processed close to 800 million transactions.
The BHIM app, operated by NPCI, crossed 200 million transactions, while Flipkart Group’s super.money recorded around 340 million transactions, supported by promotional campaigns during the IPL season.
These newer players have gradually increased their share, indicating a slow but visible diversification within the UPI ecosystem.
Read More: PNB Partners Kiwi to Launch RuPay Credit Card on UPI Platform!
The latest data highlights sustained growth in UPI usage, with leading platforms maintaining dominance even as smaller players continue to expand their presence in India’s rapidly evolving digital payments market.
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.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Apr 24, 2026, 10:52 AM IST
Team Angel One
We're Live on WhatsApp! Join our channel for market insights & updates
Get the link to download the App
EN