Combined UPI market share for PhonePe and Google Pay declines in September
The two dominant UPI payment applications in India saw their combined market share dip to 77.8 percent in September 2026.
New data from the National Payments Corporation of India (NPCI) indicates that PhonePe and Google Pay processed 77.8% of UPI transactions in September 2026, a decline from the 78.3% recorded in August. PhonePe maintained its lead with 10.91 billion transactions, accounting for 45.57% of the market, while Google Pay processed 7.71 billion transactions, capturing 32.23%.
This shift reflects broader trends as smaller competitors gain traction. Paytm held the third position with 8.1% of the volume, while Navi and super.money continued to grow their transaction counts. Additionally, banking-specific applications such as those from Kotak Mahindra Bank have seen upward movement in the rankings.
Both PhonePe and Google Pay remain above the 30% volume cap imposed by NPCI regulators. However, the regulatory body has extended the compliance deadline to December 31, 2026. Because NPCI calculates compliance based on a three-month rolling average of total UPI volume rather than a single month’s performance, the latest figures do not confirm a breach of the volume cap.