Paytm continued its momentum in the UPI market in November, with its market share rising to 7.70% during the month from 7.48% in October
PhonePe retained the top spot with 933.1 Cr transactions worth INR 12.75 Lakh Cr in November
Google Pay, which was at the second spot, also saw its market share slide to 34.80% from 35.24% in October
Vijay Shekhar Sharma-led fintech company Paytm continued its momentum in the UPI market in November, with its market share rising to 7.70% during the month from 7.48% in October.
According to the data from the National Payments Corporation of India (NPCI), Paytm processed 154.6 Cr transactions in November, up 1.5% from 152.3 Cr transactions recorded in October. The value of the transactions in November stood at INR 1.64 Lakh Cr.
Paytm kicked off 2025 with a market share of 6.9% in January. It has continued to see a marginal increase in market share in most months this year.
Last week, the company also received the RBI’s nod to operate as a payment aggregator for offline payments and cross-border transactions. These licences are in addition to the online payment aggregator licence which it received in November.
Despite the rise in market share, Paytm continued to hold the third position among UPI apps. Notably, overall UPI transaction volume declined to 20.47 Bn in November from 20.70 Bn in the preceding month.
PhonePe retained the top spot with 933.1 Cr transactions worth INR 12.75 Lakh Cr in November. Its market share declined marginally to 46.15% during the month from 46.29% in October.
Google Pay, which was at the second spot, also saw its market share slide to 34.80% from 35.24% in October. The Google-owned company processed 702.7 Cr transactions in November worth INR 9.05 Lakh Cr.
It is pertinent to note that PhonePe and Google Pay also saw a small decrease in their market share in October.
Among the emerging players, Sachin Bansal-led Navi recorded 60.9 Cr transactions in November, up 7% from 57.4 Cr transactions in the previous month. Its market share also improved to 3% from 2.82% in October.
BHIM UPI recorded 14.1 Cr transactions worth INR 18,376 Cr, pushing its market share to 0.7%.
Flipkart-backed super.money saw negligible MoM change with 26.5 Cr transactions worth INR 10,581.16 Cr, while FamApp recorded almost 15 Cr transactions worth INR 1,867.74 Cr.
Kunal Shah-led CRED saw a decline in transaction volume and value. It recorded 15.3 Cr transactions worth INR 59,261.16 Cr in November as against 15.8 Cr transactions worth INR 62,438 Cr recorded in October.
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