In November, PhonePe and G-Pay emerged as the leaders in the UPI sector, while Flipkart's super.money surpassed Amazon Pay.

Unified Payments Interface (UPI) experienced a 6.6% reduction in transaction count, totaling 15.48 billion, and an 8.3% drop in transaction value, amounting to Rs 21.55 lakh crore in November compared to October. Leading UPI applications also reported a minor decrease in both volume and value, while several new entrants have enhanced their standings within the competitive environment.

In spite of the overall downturn, PhonePe continued to lead the UPI sector with 7.4 billion transactions valued at Rs 10,88,635.03 crore. The platform commanded 47.82% of the transaction volume and 50.52% of the transaction value. Google Pay ranked as the second-largest UPI provider, processing 5.7 billion transactions worth Rs 7,64,639.66 crore, capturing 37.07% of the volume and 35.48% of the value.

Paytm (OCL) maintained its status as the third-largest player, facilitating over 1 billion transactions valued at Rs 1,18,004.06 crore, which represented 6.95% of the total UPI transaction volume and 5.48% of the transaction value.

Significantly, Navi secured its position ahead of Cred to rank fourth in transaction volume. The application processed 152.95 million transactions valued at Rs 8,806.45 crore, while Cred, which previously held this position, reported 138.24 million transactions totaling Rs 50,560.48 crore. 

Axis Bank applications facilitated 22.20 million transactions totaling Rs 4,151.71 crore, whereas Flipkart’s super.money managed 78.49 million transactions valued at Rs 3,130.10 crore. Amazon Pay recorded 71.60 million transactions amounting to Rs 7,914.87 crore. Notably, this marks the first occasion that super.money has outperformed Amazon Pay in UPI transactions since its launch in June of this year.

FamApp by Trio processed 67.41 million transactions, aggregating to Rs 777.46 crore, while ICICI Bank applications completed the top ten with 51.13 million transactions valued at Rs 18,538.92 crore.

The leading trio—PhonePe, Google Pay, and Paytm (OCL)—continues to dominate the UPI landscape, holding a combined market share exceeding 90% in both transaction volume and value. In an effort to encourage digital transactions, the Reserve Bank of India (RBI) has increased the UPI Lite wallet limit to Rs 5,000 and raised the per-transaction limit to Rs 1,000.