PhonePe has firmly cemented its position at the top of India’s digital payments landscape, recording an impressive 798.4 crore UPI transactions in December 2024, a notable increase of 7.8% from 740.1 crore transactions in November.
The platform, owned by Walmart, handled transactions worth ₹11.76 lakh crore in December, up from ₹10.88 lakh crore the previous month. With over 47% of total UPI transactions and half of the overall transaction value, PhonePe continues to dominate the sector.
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Trailing behind, Google Pay held 37.22% of the market in terms of UPI transaction volume. It processed 614 crore transactions in December, up from 573 crore in November, showcasing steady growth in user activity.
Paytm remained the third-largest UPI player, though its market share dipped slightly from 7.03% in November to 6.97% in December. Despite this, it saw a modest rise in transaction volume, hitting 115 crore transactions compared to 107 crore in the prior month.
Meanwhile, Navi, led by Sachin Bansal, continued its upward climb. The app’s market share edged up to 1.02% in December, with 20.25 crore transactions, up from 15.2 crore in November, signaling increasing adoption among users.
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The UPI ecosystem as a whole reached new heights, clocking a record 1,673 crore transactions in December 2024, an 8.08% rise from November’s 1,548 crore. The value of these transactions also grew by 7.9%, hitting ₹23.25 lakh crore compared to ₹21.55 lakh crore the previous month, according to data from the National Payments Corporation of India (NPCI).
This growth has been fueled by continued support for the fintech sector. The Reserve Bank of India (RBI) recently raised the wallet limit for UPI Lite
