PhonePe reaffirmed its dominance in the unified payments interface (UPI) realm, capturing an impressive 49% market share in April 2024. This continued leadership marks over 40 consecutive months of PhonePe’s reign at the top since November 2020.

According to data released by the National Payments Corporation of India (NPCI), PhonePe facilitated 6.5 billion transactions via UPI out of a total of 13.3 billion transactions last month. This translates to a substantial 48.87% market share within the UPI ecosystem, alongside competitors like Google Pay and Paytm. Despite a slight 1% decline in UPI transactions volume from March to April, with the total transaction value also dipping by 0.7%, PhonePe’s steadfast performance remains noteworthy.

In comparison, both Google Pay and Paytm maintained their transaction volumes at 5 billion and 1.11 billion, respectively, across March and April. This stagnation for Paytm, however, marks its third consecutive monthly decline in 2024. The January imposition of restrictions by the RBI on Paytm due to compliance concerns seems to have had a lingering impact, leading to a sharp decrease in active users and subsequent UPI transactions. Yet, Paytm’s recent authorization from NPCI to engage in UPI through third-party application providers (TPAP) under the multibank model might pave the way for a potential rebound.

Meanwhile, April witnessed CRED rising as the fourth-largest UPI-enabled app, processing 138 million transactions, followed by Amazon Pay and Fampay. BHIM and WhatsApp also maintained their presence with 25 million and over 34 million transactions, respectively, highlighting a diverse landscape of UPI-enabled platforms. Notably, NPCI’s rumored plan to reassess its decision on implementing a 30% cap on UPI apps’ market share by the end of 2024 adds an element of anticipation to the evolving UPI ecosystem.