In January, NPCI’s Bharat Interface for Money (BHIM) surpassed Kunal Shah-led CRED as well as FamApp in terms of UPI transaction volume by recording 17.2 Cr transactions worth ₹22,025.9 Cr in the month under review.
The app’s market share also increased to 0.8% in January from 0.7% in December.
As per NPCI’s data, total UPI transactions for January stood at 21.7 Bn transactions worth ₹28.33 Lakh Cr — recording a fresh all-time high.
Months after seeing a marginal decline in its market share, PhonePe recorded a slight surge in its transaction volume to 991.3 Cr in January. The company recorded a market share of 46.6% in the month under review, from 45.3% in December. Its transaction value for the month stood at ₹13.7 Lakh Cr.
Notably, the company also filed its updated draft red herring prospectus (UDRHP) for its offer-for-sale (OFS) only IPO in January. The Bengaluru-based company’s investors will offload up to 5.06 Cr equity shares via the IPO. While promoter Walmart’s WM Digital Commerce Holdings plans to sell 4.59 Cr shares through the OFS, Tiger Global and Microsoft will sell 10.39 Lakh and 36.78 Lakh shares, respectively.
Meanwhile, Google Pay’s market share continued to decline marginally with 722.9 Cr transactions recorded in January, against 749 Cr transactions recorded in the previous month. It recorded transactions worth ₹9.95 Lakh Cr.
Vijay Shekhar Sharma-led Paytm also saw a slight uptick in its market share — on the back of recording 165.9 Cr transactions in January, worth ₹1.81 Lakh Cr.
Apart from the top players, Sachin Bansal-led Navi retained fourth position in January’s UPI ladder with 70.9 Cr transactions recorded in the month under review, against 67.8 Cr transactions recorded in December.
Flipkart’s super.money also saw a marginal rise in its transaction volume to 29.8 Cr in the month under review, from 28.7 Cr transactions recorded in the previous month.
CRED and FamApp saw a marginal decline in their respective market shares. The former recorded 15.6 Cr transactions in the month against 15.7 Cr in December. On the other hand, while FamApp’s market share declined marginally, its transaction volume increased to 16.1 Cr in January from 15.9 Cr earlier.
Beyond domestic metrics, global expansion remains firmly on the agenda. Last week, the international arm of NNPCI partnered with Payments Network Malaysia to enable interoperable QR-based transactions between the two countries, further extending UPI’s cross-border footprint.
The Centre is focusing on expanding India’s UPI on two fronts — International expansion and artificial intelligence.
Last year, the NPCI showcased the pilot of an agentic AI framework for UPI during the Global Fintech Fest (GFF), marking the next phase of “intelligent commerce”.
The post NPCI’s BHIM Overtakes CRED In January UPI Rankings appeared first on Inc42 Media.
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