The Walmart-backed payments company accounted for 45.89 per cent of all UPI transactions in July

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PhonePe continued to lead India’s digital payments market in July, processing 10.86 billion transactions, up from 10.48 billion in June, even as the overall Unified Payments Interface (UPI) ecosystem recorded strong growth during the month, data released by the National Payments Corporation of India (NPCI) showed.The Walmart-backed payments company accounted for 45.89 per cent of all UPI transactions in July. It processed payments worth ₹14.44 lakh crore, translating into a 48.33 per cent share of UPI’s total transaction value.Google Pay held on to the second spot, with its transaction count rising to 7.65 billion from 7.41 billion in June. It accounted for 32.33 per cent of UPI volumes and 33.51 per cent of transaction value, processing ₹10.01 lakh crore worth of payments.PhonePe and Google Pay together processed more than three-fourths of UPI transactions in July, with a combined volume share of 78.22 per cent. Their combined share of transaction value was even higher at 81.83 per cent.Paytm remained the third-largest player. Its monthly transaction count increased to 1.90 billion from 1.80 billion in June. The platform accounted for 8.05 per cent of transaction volumes and 6.85 per cent of transaction value, processing payments worth ₹2.05 lakh crore.Navi continued to occupy the fourth position, recording 947.08 million transactions in July, compared with 842.51 million in June. Its volume share rose to 4 per cent, while its value share was 1.62 per cent, with transactions worth ₹48,318 crore.Among the smaller players, Flipkart-backed super.money processed 437.27 million transactions, marginally higher than the 430.24 million recorded in June. BHIM’s transaction volumes rose to 242.27 million from 223.54 million.FamApp by Trio processed 206.19 million transactions, while WhatsApp recorded 167.89 million. CRED, meanwhile, fell to the 10th spot from ninth in June, with 142.10 million transactions.Despite processing fewer transactions, CRED continued to punch above its weight in terms of value. It handled ₹59,279 crore in UPI payments, giving it a 1.98 per cent share of transaction value. WhatsApp processed ₹12,957 crore, accounting for 0.43 per cent.Axis Bank’s apps together processed 143.77 million transactions across customer-initiated, B2C and B2B payments, with a combined value of ₹13,940 crore.Overall, UPI processed 23.66 billion transactions worth ₹29.88 lakh crore in July. The three largest players — PhonePe, Google Pay and Paytm — accounted for 86.28 per cent of transaction volumes and 88.68 per cent of the total value.The July data once again highlights the concentration in India’s UPI market, with PhonePe and Google Pay continuing to account for the bulk of transactions despite the growing number of apps competing for a share of the ecosystem.Published on August 15, 2026