India’s digital payments ecosystem continued its strong momentum in November, with the Unified Payments Interface (UPI) once again recording massive transaction volumes. According to the latest industry data released by the National Payments Corporation of India, UPI transactions crossed over 20 billion in a single month, underlining how deeply digital payments are embedded in everyday life across the country.
Amid this growth, PhonePe further strengthened its leadership position in the UPI market, while Google Pay witnessed a slight month-on-month dip in market share.
PhonePe Extends Its Leadership Position
PhonePe continued to dominate the UPI space in November, processing over 9.3 billion transactions during the month. This translated to nearly 46 percent of the total transaction volume on the UPI network. In terms of transaction value, PhonePe’s share was even higher, accounting for close to half of the total value processed through UPI.
While the overall transaction count for PhonePe saw a marginal decline compared to October, its market share increased. This indicates that PhonePe outperformed the broader market and gained ground as some competitors saw slower growth. Industry observers attribute this consistent performance to PhonePe’s strong merchant network, smooth user experience, and deeper penetration in Tier-2 and Tier-3 cities.
Google Pay Records Slight Decline but Holds Strong Position
Google Pay retained its position as the second-largest UPI app in India but recorded a small dip in November. The platform processed just over 7 billion transactions, accounting for around 34 percent of total UPI volumes. Both transaction count and market share declined marginally compared to the previous month.
Despite the dip, Google Pay remains a key player in India’s digital payments landscape. Its wide user base, strong brand recall, and seamless integration with the Android ecosystem continue to support high usage levels. Analysts believe that the slight decline reflects increasing competition rather than a structural weakness in the platform.
Paytm and Other Players Maintain Steady Presence
Paytm remained the third-largest UPI player in November, processing around 1.5 billion transactions. The company held a market share of roughly 7 to 8 percent by volume and over 6 percent by value. While significantly behind the top two players, Paytm continues to maintain relevance, especially among offline merchants and users who rely on its broader financial services ecosystem.
Other UPI apps also showed steady activity. Platforms such as Navi, super.money, Cred, BHIM, Amazon Pay, and bank-backed UPI apps collectively contributed a meaningful share of transactions. Although their individual market shares remain small, these players are gradually carving out niches through rewards, credit-linked payments, and premium user segments.
UPI Usage Remains Strong Beyond Festive Season
November’s numbers indicate that UPI usage remains resilient even after the festive boost seen in October. Person-to-merchant transactions continued to drive growth, reflecting widespread adoption across kirana stores, food delivery, transport, and utility payments.
The consistent performance highlights how UPI has moved beyond being just a convenience tool to becoming essential digital infrastructure. With users increasingly relying on UPI for daily spending, fintech companies are now focusing on value-added services such as credit, investments, and insurance layered on top of payments.
What This Means for India’s Digital Payments Market
PhonePe’s growing market share signals its strong execution and expanding reach, while Google Pay’s marginal dip shows how competitive the UPI space has become. With transaction volumes continuing to scale and multiple players innovating aggressively, India’s UPI ecosystem is set for sustained growth.
For consumers and merchants alike, this competition is likely to translate into better features, improved reliability, and a richer digital payments experience in the months ahead.