PhonePe nears 11bn July UPI transactions as CRED falls to No. 10

PhonePe processed 10.86 billion UPI transactions in July, taking a 45.89% volume share. Google Pay remained second at 7.65 billion transactions and Paytm third at 1.90 billion, while CRED slipped to 10th. Overall UPI volumes reached 23.66 billion transactions worth ₹29.88 lakh crore.

— Source published Sat, 15 Aug, 2026, 15:38 IST · First seen Sat, 15 Aug, 2026, 15:41 IST · Source Entrackr

What happened

PhonePe processed 10.86 billion UPI transactions in July, retaining leadership with a 45.89% volume share. Google Pay remained second and Paytm third, while

Key facts

  • PhonePe: 10.86 billion July transactions; 45.89% volume share; Rs 14.44 lakh crore value; 48.33% value share
  • Google Pay: 7.65 billion transactions; 32.33% volume share; Rs 10.01 lakh crore value
  • Paytm: 1.90 billion transactions; 8.05% volume share; Rs 2.05 lakh crore value
  • Navi: 947.08 million transactions; Rs 48,318 crore value
  • super.money: 437.27 million transactions
  • CRED: 142.10 million transactions; Rs 59,279 crore value; 1.98% value share
  • Overall UPI: 23.66 billion transactions worth Rs 29.88 lakh crore
  • PhonePe and Google Pay: 78.22% volume share and 81.83% value share combined

Why this matters

CRED’s fall to No. 10 highlights a more concentrated UPI market and could create partnership or acquisition opportunities around differentiated credit, rewards, and affluent-user capabilities rather than standalone payment scale.

What to watch

  • Monthly NPCI UPI volume and value-share changes, especially whether PhonePe approaches or exceeds the 50% volume threshold.
  • NPCI or RBI communication on third-party app provider market-share caps, implementation deadlines or exemptions.
  • PhonePe merchant-device, payment-gateway and financial-services revenue disclosures or partnership announcements.
  • Google Pay and Paytm changes in merchant pricing, cashback, device deployment or large retailer integrations.
  • Growth in total UPI value relative to volume, which would indicate whether leading apps are gaining higher-ticket commerce and bill-payment use cases.
  • Further ranking declines among CRED and other long-tail UPI apps, including any retrenchment, partnership or product repositioning.
  • PhonePe is likely to intensify merchant acquisition and push QR, payment gateway, Soundbox and settlement products to convert transaction leadership into recurring merchant revenue.
  • Expect more targeted cross-selling of credit, insurance, wealth and commerce offerings to frequent UPI users, subject to regulatory approvals and underwriting discipline.
  • Google Pay and Paytm may respond with merchant incentives, faster checkout integrations, loyalty features and deeper partnerships with large retail chains and digital commerce platforms.
  • Retailers should monitor whether payment-provider concentration changes commercial terms, support quality, checkout conversion or negotiating leverage for gateway and in-store acceptance contracts.

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