PhonePe processed a whopping 9.4B UPI transactions in October

PhonePe processed a whopping 9.4B UPI transactions in October

PhonePe and Google Pay continued to dominate the UPI ecosystem in October.

The two apps together accounted for nearly 80% of the total volume and value processed through the top 10 apps during the month.

PhonePe topped the chart with a whopping 9.4 billion transactions, giving it a market share of 45.47% by volume.

In terms of value, it processed ₹13 lakh crore contributing to nearly half (47.88%) of the total value processed through the top 10 apps in October.

Google Pay followed closely behind with 7.1 billion transactions

According to data from the National Payments Corporation of India (NPCI), UPI posted a record high of 20.7 billion monthly transactions in October, surpassing its previous record of 20.1 billion in August

Google Pay followed PhonePe with 7.1 billion transactions and a market share of 34.62% by volume and 34.98% by value processed through these apps during this period.

Paytm and others lag behind

Paytm came in third with 1.5 billion transactions, capturing a market share of 7.36% by volume. It processed ₹1.6 lakh crore in value or 6.13% of the total value processed through these top apps during October.

Other players like Navi and Super.money recorded lower transaction volumes but still managed to capture small market shares at 2.77% and 1.28%, respectively, by volume during this period under review.

CRED and others make their mark

Among the smaller players, CRED processed 157.99 million transactions but contributed a relatively higher 2.29% share of the total value at ₹62,438 crore.

BHIM and Amazon Pay recorded lower transaction volumes with less than 1% share each in terms of volume processed through these top apps during October.

Digital gold also emerged as a notable category, rising to 115.95 million transactions worth ₹2,290.36 crore in October from September's figures of 103.19 million transactions worth ₹1,410 crore.