PhonePe records 9.9 Bn UPI transactions in January; CRED slips to 8th position

PhonePe remained the leader in the Unified Payments Interface (UPI) ecosystem in January. The Walmart-backed fintech processed 9.91 billion transactions, with a 45.7% share of total volume and a 48.6% share by value among UPI apps.

Overall, the UPI processed 21.7 billion transactions worth Rs 28,33,481 crore during the month.

Google Pay held on to the second position with 7.23 billion transactions. The platform accounted for 33.3% of overall transaction volume and 33.8% of total value. Paytm ranked third with 1.66 billion transactions, translating into a 7.7% share by volume and 6.4% by value. In value terms, Paytm’s UPI transactions amounted to Rs 1,81,973 crore during the period.

With the current trend, PhonePe is expected to cross 10 billion monthly transactions very soon.

Among mid-sized players, Navi recorded 709 million transactions worth Rs 37,956 crore, followed by super.money, which processed 298 million transactions valued at Rs 12,546 crore.

FamPay also continued to gain traction on the UPI platform. The fintech player processed 161 million transactions in January, allowing it to move ahead of CRED in terms of transaction volume during the month.

In December, the government-backed BHIM app had overtaken CRED in volume. That trend continued in January, with BHIM handling 172 million transactions worth Rs 22,026 crore, while CRED processed 157 million transactions. Despite lower volumes, CRED continued to lead in value, with transactions amounting to Rs 58,841 crore, reflecting its focus on higher-value payments.

Axis Bank’s UPI apps recorded a total transaction volume of 153 million, driven largely by business-to-consumer payments. WhatsApp Pay processed 113 million transactions worth Rs 8,358 crore. Both platforms accounted for less than 1% of total UPI volumes.