PhonePe Nears 11 Billion UPI Transactions in July as CRED Slips to 10th

PhonePe retained its lead in the Unified Payments Interface ecosystem in July with 10.86 billion transactions, up from 10.48 billion in June, according to NPCI data cited by Entrackr. The Walmart-backed digital payments platform accounted for 45.89% of total UPI transaction volume.

In value terms, PhonePe handled Rs 14.44 lakh crore in transactions, giving it a 48.33% share of total UPI transaction value. The takeaway: PhonePe remains the clear benchmark for both UPI scale and payment value.

Google Pay stayed second with 7.65 billion UPI transactions in July, compared with 7.41 billion in June. It held 32.33% of transaction volume and 33.51% of transaction value, with transactions worth Rs 10.01 lakh crore.

Paytm remained third with 1.90 billion transactions, up from 1.80 billion in June, and handled Rs 2.05 lakh crore in transaction value. Navi retained fourth place with 947.08 million transactions and Rs 48,318 crore in transaction value.

CRED slipped to 10th position in July from ninth in June, recording 142.10 million UPI transactions. WhatsApp remained ahead with 167.89 million transactions, while FamApp by Trio recorded 206.19 million.

The value comparison shows a different picture: CRED handled Rs 59,279 crore in transactions and accounted for 1.98% of UPI transaction value. WhatsApp’s transaction value stood at Rs 12,957 crore, giving it a 0.43% share.

Overall, UPI recorded 23.66 billion transactions worth Rs 29.88 lakh crore in July. PhonePe and Google Pay together accounted for 78.22% of total UPI transaction volume and 81.83% of transaction value.

The top three players — PhonePe, Google Pay and Paytm — accounted for 86.28% of UPI transaction volume and 88.68% of transaction value. For readers tracking India’s payments market, the key signal is clear: UPI usage is expanding, but leadership remains concentrated among a small group of major apps.