PhonePe, Google Pay Dominate UPI Transactions, Capture Over 82 Percent Market Share in June: NPCI

UPI payments continued to be led by PhonePe and Google Pay in June 2025, with both platforms jointly accounting for more than 80 percent of the total UPI transaction volume, according to data released by the National Payments Corporation of India (NPCI).

PhonePe retained its leading position with 8.55 billion transactions valued at Rs. 11.99 lakh crore. This translates to 46.5 percent of all UPI transactions by volume and nearly 50 percent of the total transaction value in the ecosystem. The fintech firm, which is preparing for its public listing, has maintained a consistent lead in UPI payments, having cornered half the market in May as well.

Google Pay followed in second place, registering 6.54 billion transactions worth Rs. 8.41 lakh crore. It held a 35.6 percent share in volume and contributed over 35 percent to the total transaction value in the month of June. Together, the two platforms accounted for 82.1 percent of all UPI volumes and a dominant share of the transaction value processed during the month.

Paytm, operated by One97 Communications, ranked third with a significant gap. The platform recorded 1.27 billion transactions amounting to Rs. 1.34 lakh crore, giving it a 6.9 percent share of UPI volume and 5.6 percent of transaction value.

Among emerging players, Sachin Bansal’s Navi registered 406 million transactions totaling Rs. 21,815 crore. Trio’s FamApp posted 113 million transactions worth Rs. 1,440 crore.

PhonePe continues to rely heavily on UPI for its business, with around 95 percent of its revenue coming from digital payments, as reported earlier this year. The platform has built its core offering around UPI, which remains central to its operations.