PhonePe, Paytm or Google Pay? Which app do Indians make the most UPI payments? View the latest statistics

By Samira Vishwas On Jul 16, 2026

PhonePe, Paytm or Google Pay?
Which app do Indians make the most UPI payments?
View the latest statistics

Mumbai: Today, from tea stalls to large commercial malls, we have ‘scan and pay’ everywhere UPI payments are using However, this gigantic of India Digital Payments Many people wonder which app is currently dominating the market. The complete picture is now clear from the latest data released by the National Payments Corporation of India (NPCI). The competition in the digital payments sector in the country has now taken a new and interesting turn.

According to the latest data released by NPCI, the app ‘PhonePe’ is the largest player in the Indian UPI market in terms of transaction volume i.e. total number of transactions. PhonePe alone has a whopping 46.1 percent share of the total market. This means that almost half of the digital transactions in the country are being done through the PhonePay app alone. Google Pay is second in the race and has a strong foothold in the market with 32.8 percent market share. On the other hand, Paytm, the app that once started the digital revolution in India and delivered QR codes to doorsteps, has now dropped to third place with a steep decline of 7.8 percent.

Along with this battle for supremacy in the digital payment market, another big news is coming out. To keep UPI transactions safe, fast and fee-free in the country, the central government had made the ‘Merchant Discount Rate’ (MDR) i.e. transaction fee completely zero from January 2020. However, now NPCI is all set to once again impose a charge (MDR) on UPI transactions of large merchants to improve the financial calculations of companies and banks in the online payment sector.

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According to this new proposal, there will be no burden on the general consumer or the small shopkeepers. This transaction fee will be applicable only to large companies and business organizations with an annual turnover of more than Rs 1.5 crore. Also, this fee is highly likely to be levied only on large financial transactions worth more than Rs 2,000. If you are sending personal money to your friends or family (P2P), or paying small greengrocers and retailers, you don’t have to pay any extra fees.

The reintroduction of charges on UPI transactions in a limited form is indicative of a major boost in revenues for nationalized banks, including fintech companies that provide payment gateways such as One97 Communications (Paytm) and MobiKwik. Due to this, the experts have now turned their attention to what exactly changes in the field of digital payments in the coming years.

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