PhonePe Extends UPI Lead to 47.07% in April as NPCI Revisits 30% Cap

PhonePe processed 1,033 Cr UPI transactions worth ₹14.31 Lakh Cr in April 2026, lifting share to 47.07%. Google Pay held 33.54% and Paytm 8.10%. Total UPI volumes dipped 1.3% MoM to 2,235 Cr but grew 25% YoY. NPCI is exploring interoperable soundboxes and revisiting the 30% market share cap.

— Filed Thu, 28 May, 2026, 13:18 IST · Source Inc42 · Buzz · Updated

PhonePe's UPI market share rose to 47.07% in April 2026, with Google Pay at 33.54% and Paytm 8.10%. Total UPI volumes dipped 1.3% MoM but grew 25% YoY. NPCI is exploring interoperable soundboxes and revisiting the 30% market share cap.

Why this matters

PhonePe extends its UPI lead from 46.2% in the prior month to 47.07%, crossing 10 Bn monthly transactions for a third straight month as NPCI's 30% cap deadline nears.

Retail-company signals steady at 1,323 over the past 90 days.

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