India’s Unified Payments Interface (UPI) ecosystem remained largely dominated by PhonePe and Google Pay in July 2025, together accounting for more than 81 per cent of total customer-initiated transaction volume and value.
According to the latest figures from the National Payments Corporation of India (NPCI), UPI reached a record 19.47 billion transactions worth Rs 25.08 lakh crore during the month.
PhonePe led the market with 8.93 billion transactions, representing 45.88 per cent of the total volume, and handled 48.64 per cent of the total transaction value. Google Pay followed with 6.92 billion transactions, securing a 35.56 per cent volume share and 35.53 per cent share in value. Collectively, the two platforms contributed 81.44 per cent of all UPI transactions by volume and 84.17 per cent by value.
Paytm ranked third, recording 1.37 billion transactions, giving it a 7.02 per cent market share in volume, and Rs 1,43,650.62 crore in transaction value, or 5.73 per cent share. Navi followed with 444.06 million transactions (2.28 per cent) worth Rs 23,562.51 crore (0.94 per cent).
Flipkart’s super.money registered 252.85 million transactions (1.30 per cent) and CRED recorded 144.38 million (0.74 per cent), though CRED commanded a higher share of value at 2.20 per cent due to larger average transaction sizes.
FamApp by Trio achieved 0.64 per cent of total UPI volume and 0.06 per cent of the value, while Amazon Pay accounted for 0.52 per cent of the volume and 0.43 per cent of the value. BHIM posted 0.45 per cent in volume and 0.58 per cent in value. WhatsApp handled 0.38 per cent of the transactions by volume and 0.22 per cent by value. Axis Bank Apps recorded 27.79 million transactions, making up 0.14 per cent of the volume and 0.22 per cent of the value.
The continued lead of PhonePe and Google Pay highlights the consolidation of India’s digital payments space, even as emerging players like CRED, Navi, and super.money aim to challenge this duopoly with niche offerings and targeted customer segments.
Category-wise data, released by NPCI for the first time, showed that groceries and supermarkets topped UPI usage with 3.03 billion transactions worth Rs 64,882 crore. Fast food outlets followed with 1.22 billion transactions, and restaurants recorded 1.15 billion. While service stations and telecom services had fewer transactions, they registered higher values, reflecting bigger spends per purchase. Smaller segments like digital goods, pharmacies, and bakeries indicated the growing adoption of UPI for daily needs.
However, NPCI noted that 2.2 billion transactions still fall under the undefined category, signalling the need for further classification to track UPI penetration across all spending areas.
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