Walmart-backed digital payments platform PhonePe retained its dominance in the Unified Payments Interface (UPI) ecosystem in April, processing more than 10.33 billion transactions, according to data released by the National Payments Corporation of India (NPCI). UPI recorded 22.34 billion transactions during the month, amarginal declinefrom March’s record 22.64 billion transactions. However, the payments network continued to witness strong momentum across merchant and peer-to-peer payments. PhonePe accounted for around 46.2% of total UPI transaction volume in April. In value terms, the platform held a 49.3% share after processing transactions worth Rs 14.31 lakh crore. The company had crossed the 10 billion transaction mark for thefirst time in Marchwith 10.5 billion transactions. Google Pay continued to hold the second spot with 7.36 billion transactions during April, which translated to nearly 32.9% market share by volume. By value, its share stood at around 33.5% with transactions worth Rs 9.72 lakh crore. Paytm remained the third-largest UPI player after processing 1.77 billion transactions. The fintech major captured nearly 8% market share by volume and about 6.7% by value. Among emerging players, Navi processed over 801 million transactions and continued to strengthen its position in the ecosystem. super.money handled 369 million transactions, while BHIM recorded 210 million transactions during the month. Smaller but fast-growing platforms also gained traction. FamApp by Trio processed around 183 million transactions, while CRED handled 157 million transactions worth Rs 56,569 crore. Despite relatively lower volume, CRED’s value share remained significantly higher, which indicates a higher average ticket size among its users. Meanwhile, WhatsApp processed close to 139 million transactions. Axis Bank apps contributed a relatively smaller share, including B2C transactions. According to NPCI data, UPI’s merchant-wise transaction data continued to be dominated by daily consumption categories in April. Grocery and supermarkets led the chart with 3.72 billion transactions worth Rs 80,449 crore, followed by fast food restaurants (1.47 billion transactions), eating places and restaurants (1.25 billion), telecommunication services (869.9 million), and service stations or fuel pumps (658.6 million). Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
