UPI Transactions: Navi, super.money Gain Share as PhonePe, Google Pay Slip

India's Unified Payments Interface (UPI) system experienced a notable shift in market share during June, with smaller players like Navi and super.money showing increased traction, while dominant platforms PhonePe and Google Pay saw minor losses.

Sachin Bansal-backed Navi processed 84.3 crore transactions worth ₹43,948.6 crore, a 2.2% increase from May. Flipkart-backed super.money handled 43 crore transactions valued at ₹20,252.40 crore, also an increase from the previous month. Both players gained approximately 0.1 percentage points in market share.

Conversely, PhonePe, despite processing 1,048.3 crore transactions, saw its market share decline by 0.1 pp to 46.4%. Google Pay also experienced a marginal loss in market share and transaction volume during the month.

These shifts occurred amidst an overall decline in UPI transactions, which decreased by 2.1% to 22.72 billion in June compared to May. The total transaction value also fell by 3.3%. The combined market share of smaller UPI players dipped to 3.6%.

Separately, the NPCI has proposed UPI Meta, a framework aimed at streamlining online payments by allowing users to save preferred UPI IDs with merchants. However, smaller UPI players have reportedly opposed this, fearing it could further entrench the dominance of PhonePe and Google Pay.