UPI In July: Navi Gains Market Share As PhonePe, Google Pay Slip Marginally
The Indian UPI market saw some shifts in the month of July even as the top ten players managed to…
In July, the Indian Unified Payments Interface (UPI) market experienced some shifts while the top ten players maintained their positions. Navi, led by Sachin Bansal, saw its market share increase to 4% from 3.7% in June and 3.6% in May. The fintech startup processed 94.7 crore transactions worth ₹48,318 crore in July, which is a 12% and 10% increase from the 84.3 crore transactions worth ₹43,948.6 crore recorded in June.
PhonePe and Google Pay, the market leaders, experienced a marginal decrease in their share, with their combined share falling to 78.6%. PhonePe processed 1,085.8 crore transactions worth ₹14.4 lakh crore, while Google Pay recorded 764.98 crore transactions valued at ₹10 lakh crore. Paytm retained its market share at 8%, similar to June.
Other players like Flipkart's super.money, WhatsApp, CRED, Amazon Pay, and BHIM UPI also maintained their June market shares with minor fluctuations in transaction volumes and values. UPI transaction volume grew 4% to 23.66 billion in July, while the total transaction value increased 3% to ₹29.88 lakh crore. The UPI ecosystem is entering a new phase on the monetisation front, with the government proposing to introduce merchant discount rates (MDR) on select UPI transactions, which could open a new revenue avenue for payment players. However, the proposed MDR framework will not affect everyday P2P UPI payments.
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