Analysis · Financial Services

PhonePe loses UPI share as smaller rivals gain

By Startup Enthusiast · 24 July 2026

What they do

PhonePe is a digital payments and financial services app used by one in three Indians

In June 2026, PhonePe processed 1,048.3 crore transactions worth ₹14.2 lakh crore, but its market share fell 0.1 percentage point to 46.4%

Smaller players Navi and super.money each gained 0.1 percentage point, while overall UPI volume and value declined from May

In June 2026, PhonePe's UPI market share slipped 0.1 percentage point to 46.4%.
PhonePe processed 1,048.3 crore transactions worth ₹14.2 lakh crore.
Google Pay also lost share, with transaction count falling from 759.8 crore in May to 740.8 crore in June.
Smaller players Navi and super.money each gained 0.1 percentage point.
Navi recorded 84.3 crore transactions worth ₹43,948.6 crore, up 2.2% from May.
super.money processed 43 crore transactions worth ₹20,252.40 crore, up from May.
Overall UPI volume fell 2.1% to 22.72 billion and value fell 3.3% to ₹28.92 lakh crore.

Smaller UPI apps oppose the proposed UPI Meta (UPI Checkout) framework, fearing it will strengthen the dominance of PhonePe and Google Pay.
The combined market share of smaller UPI players dropped from 4.3% in May to 3.6% in June.
WhatsApp surpassed CRED in transaction count with 15.1 crore transactions, while CRED led in transaction value at ₹55,116.8 crore.

PhonePe offers UPI payments, investments, insurance, lending, recharges, bill payments, and travel booking.
It also provides gold, mutual funds, NPS, FASTag, RuPay credit card on UPI, UPI Lite, UPI Circle, and gift cards.
PhonePe enables international payments in Singapore, UAE, Nepal, Sri Lanka, Bhutan, and Mauritius.
The company claims one in three Indians uses the app.