Apr 12, 2025

SHARE SUMMARY IPO-bound fintech company PhonePe maintained its leadership position in the UPI market in March, processing 864.7 Cr, or 47.25% of the total UPI transactions Following its lead was Google Pay, which notched up 36.04% of the total UPI transactions while accounting for 34.98% of the total UPI value Overall, UPI transactions in the country reached a record high of 18.30 Bn in March after falling 5% to 16.11 Bn in February The value of transactions handled by PhonePe stood at INR 12.57 Lakh Cr during the month. In terms of transaction value, the Walmart-backed fintech player contributed 50.74% to the total UPI transaction volume in March 2025. Following its lead was Google Pay, which notched up 36.04% of the total UPI transactions while accounting for 34.98% of the total UPI value. In absolute numbers, Google Pay handled 659.6 Cr transactions worth INR 8.66 Lakh Cr in March. March’s transactions accounted for a total amount of INR 24.77 Lakh Cr, a 12.8% month-on-month (MoM) surge against transactions worth INR 21.96 Lakh Cr in February. Listed fintech major Paytm grabbed the third spot yet again. It processed 122.1 Cr transactions in March, about 6.67% of the total volume. The value of these transactions was INR 1.32 Lakh Cr, or 5.36% of the total volume. Sachin Bansal-led Navi processed just 32.4 Cr transactions. However, their total value was INR 18,018.65 Cr. Followed by, super.money handling 17.17 Cr transactions worth INR 5,933.08 Cr. However, Kunal Shah-led CRED continues to lose its market share in the month, with his position tumbling from 6th in February to 7th in March. It processed 14.4 Cr transactions in March, and the value of these transactions was INR 55,091.22 Cr P2M Transactions On UPI Surpass 1,100 Cr Mark In March Person to merchant (P2M) transactions on UPI rose nearly 14% to 1146.1 Cr in March. P2M UPI transaction volume stood at INR 6.70 Lakh Cr during the month, up 13.6% from 5.90 Lakh Cr. Meanwhile, person to person transactions processed by UPI jumped 13.27% to 684 Cr from 604 Cr in the previous month. In terms of transaction volume, P2P accounted for 72.93% of the total UPI transactions in March, whereas P2M transactions accounted for the remainder 27.06%. The data also sheds light on category-wise transactions. While groceries, supermarkets, restaurants and telecommunications services were high transacting categories, Utilities, electric, gas, water and sanitary, debt collection agencies, package shops, beer, wine and liquor were tagged under medium transacting categories. What Else Is Happening In The UPI Ecosystem? Just a few days ago, the Reserve Bank of India (RBI) allowed the National Payments Corporation (NPCI) to revise transaction limits for person-to-merchant (P2M) payments on the UPI to accommodate higher-value transactions in select merchant categories. Besides this, the government is also considering bringing back the merchant discount rate (MDR) in the payment industry, after withdrawing MDR in the FY22 Budget to promote digital payments.