WhatsApp's June UPI volumes resurface, showing edge past CRED as PhonePe holds commanding lead

Resurfaced data shows WhatsApp processed 150.48 million UPI transactions in June, ahead of CRED's 141.78 million. PhonePe remained dominant with 10.48 billion transactions and a 46.15% volume share; PhonePe and Google Pay together accounted for 78.76% of UPI volumes.

— FiledFri, 24 Jul, 2026, 16:33 IST·First seen Fri, 24 Jul, 2026, 16:32 IST·Source Entrackr

What happened

WhatsApp surpassed CRED in June UPI transaction volume, while PhonePe retained market leadership with 10.48 billion payments. PhonePe and Google Pay together

Key facts

  • WhatsApp: 150.48 million UPI transactions in June
  • CRED: 141.78 million transactions in June; Rs 55,117 crore transaction value; 1.91% value share
  • WhatsApp: Rs 11,392 crore transaction value; 0.39% value share
  • PhonePe: 10.48 billion June transactions; 46.15% volume share; Rs 14.19 lakh crore value; 49.07% value share
  • Google Pay: 7.41 billion transactions; 32.61% volume share; Rs 9.67 lakh crore value; 33.44% value share
  • Paytm: 1.80 billion transactions; 7.92% volume share; Rs 1.93 lakh crore value
  • UPI total: 22.72 billion June transactions worth Rs 28.92 lakh crore
  • PhonePe and Google Pay combined: 78.76% volume share and 82.51% value share

Why this matters

The widening gap between payment-volume leaders and smaller apps makes merchant-network, loyalty and financial-services partnerships more strategic than standalone UPI scale plays.

What to watch

  • Monthly WhatsApp UPI transaction growth, active users and average transaction value versus CRED, Amazon Pay and other challengers.
  • Evidence that WhatsApp UPI payments are occurring in business chats or catalogs rather than primarily person-to-person transfers.
  • WhatsApp Business merchant onboarding, payment-link adoption and new UPI promotional or cashback programs.
  • NPCI market-share enforcement actions or deadlines affecting PhonePe and Google Pay's ability to sustain current volume share.
  • Merchant payment success-rate data, payment app preference at checkout and retailer-specific conversion rates.
  • CRED's UPI incentives, merchant tie-ups and changes in its share of high-value consumer payment activity.
  • WhatsApp is likely to expand UPI visibility inside business chats, catalogs and customer-service flows, especially for smaller merchants already using WhatsApp Business.
  • CRED may lean further into credit-card bill payment, affluent-user rewards, commerce partnerships and credit products rather than pursue mass UPI transaction volume at any cost.
  • PhonePe and Google Pay are likely to defend merchant checkout prominence through offline acceptance, loyalty integrations, lending/financial-services cross-sell and faster payment reliability.
  • Retailers may add WhatsApp payment calls-to-action to conversational commerce campaigns, but will continue prioritizing PhonePe and Google Pay interoperability at checkout.
  • Large merchants and payment aggregators may seek multi-app payment-routing and analytics tools as UPI volume remains concentrated but secondary apps gain distinct customer cohorts.

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