As reported by Trade Brains, India’s UPI network processed 19.63 billion payments worth about ₹24.9 lakh crore in September 2025, with PhonePe and Google Pay retaining a commanding lead even as smaller apps notch steady gains.
UPI Platforms: The leaderboard
| Rank | UPI App | Transactions (Billion) | Value (₹ Crore) | Market Share | MoM Change |
|---|---|---|---|---|---|
| 1️⃣ | PhonePe | 8.96 | 12,03,000 | 45.6% | -0.1% |
| 2️⃣ | Google Pay | 6.83 | 8,70,000 | 34.8% | -0.5% |
| 3️⃣ | Paytm | 1.39 | 1,50,000 | 7.1% | — |
| 4️⃣ | Navi | 0.53 | 26,500 | 2.7% | +5.0% |
| 5️⃣ | super.money (Flipkart) | 0.25 | 9,900 | 1.3% | Stable |
| 6️⃣ | CRED | 0.15 | 23,500 | 0.8% | -0.4% |
| 7️⃣ | FamApp by Trio | 0.14 | 1,751 | 0.7% | +7.9% |
| 8️⃣ | BHIM | 0.24 | 12,800 | 1.2% | +3.0% |
| 9️⃣ | Amazon Pay | 0.11 | 7,200 | 0.6% | -0.4% |
| 🔟 | WhatsApp Pay | 0.10 | 8,400 | 0.5% | +1.2% |
September’s transaction volume dipped slightly versus August’s 20.01 billion, but overall value ticked up, pointing to resilient usage and possibly larger average ticket sizes. Daily averages improved to ~654 million transactions valued at ~₹82,991 crore per day, up from ~645 million in August, reflecting steady trust in digital payments even with fewer working days.
Where the money moves
Grocery, food and telecom remained the workhorse categories, together forming about 35% of total P2M payments. This concentration underscores how UPI’s most frequent use-cases sit in everyday, high-frequency spends, not just big-ticket transfers.
What’s powering the rails
- Merchant acceptance: The report notes “more than 400 million” merchant acceptance points for UPI via simple QR set-ups and zero MDR for merchants.
- Small business adoption: Kirana and micro-enterprises drive uptake, accounting for nearly 40% of merchant volume.
- Policy tailwinds: Ongoing Digital India programmes continue to widen usage and trust.
- Credit & wallets: Credit-on-UPI, wallets, and pull payments are broadening use beyond P2P.
- Cross-border links: UAE, Singapore, Nepal and other partner corridors are gradually adding international utility.
- Product iteration: UPI 2.0, recurring mandates, embedded finance keep deepening stickiness.
The shake-up beneath the duopoly
While PhonePe and Google Pay still control ~80% of app-wise volumes, smaller apps are inching up on focused niches:
- Navi posted +5% MoM on a half-billion monthly volume base, meaningful momentum for a challenger.
- FamApp by Trio logged +7.9% MoM, hinting at traction in family-budgeting and allowance workflows.
- BHIM’s +3% MoM shows the sovereign app’s continued relevance, especially in first-time user funnels.
The September data reinforces UPI as India’s everyday payments backbone, stable, high-frequency, and increasingly credit-enabled. For merchants, even a flat month on volumes can translate into higher value throughput. For fintechs, the story is about feature-led differentiation rather than headline share grabs.
And for policymakers, the steady rise in daily averages, despite calendar effects, validates efforts to broaden access and reliability.
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