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PhonePe continued to dominate the digital payments market through the Unified Payments Interface (UPI) in February, processing approximately 9.28 billion transactions worth nearly $158 billion. The platform accounted for 45.5% of total transaction volume and 48.8% of the total transaction value.

Google Pay ranked second after handling 6.76 billion transactions valued at around $109 billion, representing 33.2% of the total number of transactions and 33.6% of the total value. Paytm came in third with 1.59 billion transactions worth nearly $21 billion, capturing 7.8% of transaction volume and 6.5% of transaction value.

Among other financial applications, Navi ranked fourth with approximately 650 million transactions totaling about $4.4 billion, followed by Super.money, which processed around 289 million transactions valued at nearly $1.5 billion. The government-backed BHIM app recorded roughly 175.9 million transactions worth approximately $2.6 billion.

Further down the list, FamApp processed about 149 million transactions valued at nearly $230 million, while CRED ranked eighth with 146 million transactions but recorded a higher transaction value of approximately $6.5 billion, reflecting higher average payment sizes.

Axis Bank applications handled around 132 million transactions worth nearly $1.46 billion, while WhatsApp Pay ranked tenth after processing approximately 112.9 million transactions valued at about $1.03 billion.

Overall, the UPI system processed about 20.39 billion transactions in February with a total value of roughly $323 billion. Although the total number of transactions declined compared with January due to the shorter month, the average daily transaction volume increased to 728 million, up from 700 million per day in January, indicating continued strong growth in India’s digital payments ecosystem.