Results · Financial Services

PhonePe leads UPI market with 47% share

What they do

PhonePe offers UPI payments, investments, insurance, lending, and merchant solutions

In April 2026, PhonePe processed 10.33 billion transactions worth ₹14.31 lakh crore, holding 49.3% value share

PhonePe and Google Pay together control over 80% of all UPI transactions, ahead of a proposed 30% market share cap

PhonePe held 47.07% of UPI transaction volume in April 2026, processing 10.33 billion transactions worth ₹14.31 lakh crore.
Its value market share was 49.3%.
PhonePe's value market share stood at 49.3% in April 2026.
Google Pay processed 7.36 billion transactions, with a volume share of 33.54% and value share of 33.5%.
Paytm processed 1.77 billion transactions, holding 8.10% volume share and 6.7% value share.
PhonePe and Google Pay together accounted for over 80% of all UPI transactions.
Total UPI transactions in April 2026 were 22.34 billion worth ₹29.03 lakh crore, up 25% in volume and 21% in value year-on-year.

The NPCI proposed a 30% market share cap for UPI players in 2020, with the deadline extended to December 31, 2026.
NPCI has held discussions with smaller players on incentives, early feature access, and easing autopay restrictions to promote competition.
PhonePe is IPO-bound, backed by Walmart.

PhonePe offers UPI payments, investments (mutual funds, gold, silver, NPS, recurring deposits), insurance, and lending.
It provides recharges, bill payments, travel booking, FASTag, and co-branded credit cards.
Merchant solutions include POS, payment gateway, payment links, ads, and lending.
International payments are available in Singapore, UAE, Nepal, Sri Lanka, Bhutan, and Mauritius.
Features include UPI Lite, Credit Line on UPI, RuPay CC on UPI, split expenses, gift cards, and UPI Circle.