PhonePe gains market share in November; Google Pay sees marginal dip

Unified Payments Interface recorded 20.47 billion transactions worth Rs 26.32 lakh crore in November, as per data released by the National Payments Corporation of India.

PhonePe remained the largest UPI app during the month. The Walmart-backed fintech firm processed 9.33 billion transactions, which formed 45.6% of total UPI volume and 48.5% of total transaction value.

PhonePe gained market share in November despite a slight decline in transaction volume compared with October.

Google Pay ranked second with 7.03 billion transactions in November. The Alphabet owned app held a 34.4% share by volume and an identical 34.4% share by value, which kept it well ahead of other competitors. Google Pay saw a minor month on month dip in November, with both transaction volumes and market share edging slightly lower compared to October.

Paytm stood third with 1.55 billion transactions, accounting for 7.6% of overall UPI volumes. The company processed payments worth Rs 1.64 lakh crore, which translated into a 6.2% share by value.

Among the smaller players, Navi processed 609 million transactions in November with a transaction value of Rs 32,290 crore, giving it a 3% share by volume. super.money recorded 265 million transactions worth Rs 10,581 crore, while Cred handled 154 million transactions with a transaction value of Rs 59,261 crore, supported by higher ticket size payments.

BHIM processed 141 million transactions during the month with a value of Rs 18,377 crore. Axis Bank apps together recorded 236 million transactions worth Rs 16,221 crore, including customer initiated, B2C and B2B payments. Amazon Pay handled 89 million transactions valued at Rs 10,147 crore, while FamApp by Trio recorded 150 million transactions worth Rs 1,868 crore.

After the festive peak in October, the November data points to steady momentum for UPI across consumer and merchant payments in India.

When it comes to spending trends via UPI, November usage remained centred on daily consumption categories. Groceries and supermarkets led the charts with 3.22 billion transactions worth Rs 71,129.56 crore, followed by fast food and restaurant categories which together recorded over 2.6 billion transactions. Telecommunication services logged 818 million transactions valued at Rs 21,399.70 crore, while service stations featured among the top categories with 658 million transactions worth Rs 40,320.95 crore. Digital gold purchases touched 123.42 million transactions in November, an increase of 6.4% from October by volume, though value dropped sharply to Rs 1,215.36 crore from the previous month.