PhonePe retained its top spot in UPI transactions in January with 991 crore transactions. PhonePe now has a market share of around 46 per cent. Google Pay is second with 723 crore transactions and Paytm is third with 166 crore transactions. A total of 2,170 crore UPI transactions were made in January.
Among the medium-sized service providers, Navi and super.money made good progress. Navi made over 70 crore transactions while Super Money made around 29 crore transactions. Another major change this month was that FamPay surpassed CRED in the number of transactions.
Although the government app BHIM is ahead of CRED in the number of transactions, CRED is ahead in terms of value. This is because large amount of transactions are made through CRED. Axis Bank apps and WhatsApp Pay control less than one percent of the market share.
