According to the National Payments Corporation of India (NPCI) data, PhonePe retained its top position in UPI transactions in July. A total of 23.66 billion UPI transactions worth Rs 29.88 lakh crore were processed in the country during the month. Of these, 10.86 billion transactions were made through PhonePe. PhonePe contributed 45.89 percent in volume and 48.33 percent in value of total UPI transactions.

Google Pay and Paytm are at the second and third positions respectively in UPI transactions. While Google Pay captured 32.33 percent of the market with 7.65 billion transactions in July, Paytm captured 8.05 percent share with 1.90 billion transactions. The top three platforms - PhonePe, Google Pay and Paytm - together handled 86.28 percent of the total UPI transactions in the country.

Navi retained its fourth position among other major players in the UPI market. Other prominent platforms include Flipkart's super.money, BHIM, FamApp, WhatsApp, CRED, and Axis Bank apps. Although it slipped to 10th place in terms of number of transactions, CRED performed well in processing high-value transactions.