New Delhi, 24 Apr, (CXO Media): UPI transactions touched a new high in March, with PhonePe emerging as the first app to cross 10 billion monthly transactions. The milestone came as overall digital payment volumes picked up after a brief slowdown in previous months.
UPI Growth Momentum
Data released by the National Payments Corporation of India (NPCI) showed that total UPI transactions stood at 22.64 billion in March, up from 20.39 billion in February. In value terms, transactions amounted to Rs 29.53 lakh crore, indicating continued growth in everyday digital payments across users and merchants.
During the month, PhonePe processed 10.50 billion transactions, accounting for 46.4% of the total volume. By value, the platform handled around Rs 14.48 lakh crore, giving it close to 49.1% share. The figures mark a steady rise from February, when the app recorded 9.28 billion transactions, reflecting consistent month-on-month growth.
Position Of Other Major Players
Google Pay remained the second-largest player in the UPI ecosystem. The platform processed 7.53 billion transactions in March, capturing 33.3% share by volume, while transaction value stood close to Rs 10 lakh crore, translating to about 33.9% share.
Paytm continued to trail the top two platforms, reporting 1.77 billion transactions, which accounted for 7.8% of total volume and about Rs 1.9 lakh crore in value. Smaller players remained far behind in comparison. Navi processed around 790 million transactions, while BHIM handled slightly over 200 million transactions during the same period.
Focus On Market Share Regulation
The dominance of the top two apps has kept regulatory discussions active. Together, PhonePe and Google Pay accounted for nearly 80% of total UPI transactions in March. NPCI has proposed capping the market share of any single UPI application at below 30%, though the timeline for implementing the rule remains unclear as authorities assess its potential impact on users and the broader payments ecosystem.
