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PhonePe, backed by Walmart, strengthened its dominance of India’s digital payments market in July 2026, processing nearly 11 billion transactions through the Unified Payments Interface (UPI) in a single month. Google Pay retained second place, while CRED dropped to 10th.

PhonePe processed approximately 10.86 billion UPI transactions in July, up from 10.48 billion in June, giving it a 45.89% share of the total number of UPI transactions in India during the month.

The platform also maintained its lead in transaction value, processing payments worth approximately 14.44 trillion rupees, or around 14.44 lakh crore rupees, representing 48.33% of the total value of UPI transactions in July.

Google Pay Maintains Second Position

Google Pay remained in second place after increasing its transaction volume to approximately 7.65 billion transactions in July from 7.41 billion in June.

The platform accounted for 32.33% of the total number of UPI transactions, while its share of overall transaction value stood at 33.51%.

Google Pay processed transactions worth approximately 10.01 trillion rupees during July, underscoring the intense competition between the two largest digital payment platforms in India.

Paytm Ranks Third as Navi Holds Fourth

Paytm retained third place, with its transaction volume rising to approximately 1.90 billion transactions in July from 1.80 billion in June.

The platform accounted for 8.05% of total UPI transaction volume and 6.85% of transaction value, processing payments worth approximately 2.05 trillion rupees.

Navi remained in fourth place after processing approximately 947.08 million transactions in July, up from 842.51 million in June.

Its share of UPI transaction volume reached around 4%, while its share of total transaction value stood at 1.62%, with transactions worth approximately 483.18 billion rupees.

Other UPI Apps Post Mixed Results

Flipkart-backed super.money processed approximately 437.27 million transactions in July, compared with 430.24 million in June.

BHIM also recorded an increase, reaching approximately 242.27 million transactions, up from 223.54 million.

FamApp by Trio processed around 206.19 million transactions, while WhatsApp recorded approximately 167.89 million, moving ahead of CRED, which processed about 142.10 million transactions.

CRED Falls to 10th Place

CRED slipped to 10th place in July after ranking ninth in June, despite maintaining a relatively significant transaction value.

The platform processed transactions worth approximately 592.79 billion rupees, equivalent to 1.98% of the total value of UPI transactions during the month.

WhatsApp, meanwhile, processed approximately 129.57 billion rupees in transaction value, representing around 0.43% of the total UPI value.

Apps operated by Axis Bank recorded approximately 143.77 million transactions, including customer-initiated transactions, business-to-consumer payments and business-to-business payments. Their combined transaction value reached approximately 139.40 billion rupees.

UPI Records 23.66 Billion Transactions in July

Across the Indian market, UPI processed approximately 23.66 billion transactions in July, with a total value of nearly 29.88 trillion rupees.

The figures highlight the continued expansion of digital payments in India and the growing reliance of consumers and businesses on instant payment systems.

PhonePe and Google Pay together accounted for approximately 78.22% of total UPI transaction volume in July, while their combined share of transaction value reached 81.83%.

When Paytm is added to the two leading platforms, the three largest players accounted for approximately 86.28% of total UPI transaction volume and 88.68% of total transaction value during July.

The figures underline the continued concentration of India’s digital payments market among a small number of major platforms, with PhonePe retaining the lead in both transaction volume and value, Google Pay maintaining a strong second position, and Paytm ranking third by a considerable margin.