IPO-bound PhonePe continued to lead the UPI market in April, processing more than 1,033 Cr transactions during the month.
According to NPCI data, the fintech giant processed transactions worth ₹14.31 Lakh Cr in April 2026. While its transaction volume declined slightly from 1,050 Cr in March, its market share rose to 47.07% from 46.70% in the previous month.
Google Pay and Paytm continued to trail PhonePe in the UPI market in April, processing 735.9 Cr and 177.8 Cr transactions, respectively. Google Pay’s market share saw a marginal rise to 33.54% in April from 33.51% in March, while Paytm saw a slight uptick to 8.10% from 7.87% in the previous month.
Together, PhonePe and Google Pay processed more than 80% of all UPI transactions in April, further tightening their grip on the market.
Overall UPI transaction volumes, however, saw a slight dip during the month. Total UPI transactions fell 1.3% to 2,235 Cr in April from 2,264 Cr in March. The total transaction value also declined to ₹29.03 Lakh Cr from ₹29.53 Lakh Cr, according to NPCI data.
Despite the monthly decline, UPI continued to post strong yearly growth. Transaction volumes rose 25% from 1,789 Cr in April last year, while transaction value increased 21% from ₹23.95 Lakh Cr.
Among smaller players, Navi, super.money and FamApp by Trio continued to see gradual gains. Sachin Bansal-led Navi processed 80.1 Cr transactions in April, with its market share rising to 3.65% from 3.51% in March.
super.money processed 36.9 Cr transactions worth ₹16,365 Cr during the month, taking its market share to 1.68% from 1.52% earlier. FamApp, meanwhile, processed 18.2 Cr transactions in April, up from 16.8 Cr in March, while its market share increased to 0.83% from 0.75%.
What’s Happening In The UPI Ecosystem?
As UPI adoption continues to rise and the market gets increasingly concentrated around a few large players, the NPCI is looking at ways to improve interoperability and competition in the ecosystem. Recently, it was reported that the NPCI was working on a common interoperable infrastructure for UPI soundboxes that would allow merchants to accept payments from any UPI app using a single device.
Currently, merchants often require separate soundboxes for platforms such as PhonePe, Paytm and Google Pay. The proposed infrastructure is expected to reduce hardware duplication and simplify payment settlements for offline merchants.
The move, however, could impact fintech players that earn recurring rental income from soundbox devices. This comes at a time when soundbox adoption continues to rise among kirana stores, street vendors and small businesses across the country.
Separately, NPCI officials reportedly held discussions with smaller UPI players last month over the long-pending market share cap issue. The talks are said to have focused on measures to improve competition in the ecosystem, including preferential incentives, early access to new features, and easing certain autopay-related restrictions.
Notably, the NPCI had proposed a 30% market share cap for UPI players in 2020. However, the implementation timeline has been pushed back multiple times. In 2024, the NPCI extended the deadline for enforcing the cap on third-party app providers (TPAPs) such as PhonePe and Google Pay till December 31, 2026.
The post UPI In April: PhonePe Tightens Grip With Over 47% Market Share appeared first on Inc42 Media.
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