Unified Payments Interface (UPI) witnessed a dip in activity in November, with transaction volumes falling by 6.6% to 15.48 billion and transaction value dropping by 8.3% to Rs 21.55 lakh crore compared to October. Despite the decline, the top UPI apps retained their dominance, while new entrants like Flipkart’s Super.money made notable strides.
The UPI Leaders: PhonePe and Google Pay
PhonePe continued to hold its position as the market leader, accounting for 47.82% of transaction volume with 7.4 billion transactions. The platform also processed Rs 10.88 lakh crore, representing 50.52% of the total transaction value. Google Pay followed closely, capturing 37.07% of the volume with 5.7 billion transactions and 35.48% of the value, processing Rs 7.64 lakh crore.
Paytm (OCL) rounded out the top three, maintaining its position with over 1 billion transactions worth Rs 1.18 lakh crore. It contributed 6.95% of the transaction volume and 5.48% of the value.
Mid-Tier Performers and Emerging Contenders
Navi outpaced Cred for the fourth spot in transaction volume, processing 152.95 million transactions worth Rs 8,806.45 crore. Cred followed with 138.24 million transactions, but its higher transaction value of Rs 50,560.48 crore highlighted its focus on premium users.
Other notable players included:
- Axis Bank Apps: 22.20 million transactions, Rs 4,151.71 crore.
- Flipkart’s Super.money: 78.49 million transactions, Rs 3,130.10 crore.
- Amazon Pay: 71.60 million transactions, Rs 7,914.87 crore.
Flipkart’s Super.money overtook Amazon Pay for the first time, a significant achievement for an app launched just six months ago.
Key Trends and Updates
The top three UPI apps—PhonePe, Google Pay, and Paytm—continue to dominate with a combined market share exceeding 90% in both volume and value. However, smaller and newer players are carving out niches, showing the increasing diversity in the UPI ecosystem.
To enhance UPI’s usability, the Reserve Bank of India recently raised the UPI Lite wallet limit to Rs 5,000 and the per-transaction limit to Rs 1,000. These updates aim to encourage higher adoption of digital payments across the country.
While established players maintain their grip on the market, emerging apps like Super.money demonstrate that innovation and agility can lead to success even in a crowded landscape.
Comments