Walmart-backed PhonePe has turn into India’s first funds app to cross 10 billion month-to-month UPI transactions mark in March 2026.

PhonePe processed 10.50 billion transactions in March, accounting for about 46.4% of whole UPI quantity. By worth, its share stood at roughly 49.1%, underlining its power throughout each service provider and peer-to-peer funds, information launched by the National Payments Corporation of India (NPCI).

Total, UPI recorded a file 22.64 billion transactions in March, up from 20.39 billion in February and 21.7 billion in January, indicating a restoration after a short dip and renewed momentum in digital funds adoption. The entire transaction worth stood at Rs 29.53 lakh crore through the month. 

PhonePe’s month-to-month development has been regular, rising from 9.28 billion transactions in February to 10.50 billion in March. It additionally processed transactions value Rs 14.48 lakh crore, approaching the Rs 15 lakh crore milestone. 

Google Pay remained the second-largest participant, processing 7.53 billion transactions in March and capturing round 33.3% of whole quantity. By worth, its share was near 33.9%, with transaction worth nearing Rs 10 lakh crore. 

Whereas Paytm continued to lag behind the highest two, recording 1.77 billion transactions, translating to a 7.8% share by quantity and about 6.5% by worth. It processed transactions value roughly Rs 1.9 lakh crore. 

Different gamers accounted for considerably smaller shares. Navi dealt with round 790 million transactions, whereas BHIM recorded simply over 200 million. Newer entrants corresponding to tremendous.cash and FamApp are persevering with to scale, although their volumes stay modest.

Amongst area of interest gamers, CRED processed 163 million transactions value Rs 62,029.55 crore, holding a worth share of greater than 2%, suggesting a better common transaction measurement. WhatsApp dealt with about 130 million transactions, whereas apps from Axis Financial institution contributed a smaller share, together with B2C funds. 

Regardless of the dominance of PhonePe and Google Pay, which collectively account for almost 80% of UPI transactions, NPCI has set a goal to cap the market share of any single app at beneath 30%. The restrict has but to be enforced, with regulators nonetheless contemplating the way to implement it with out disrupting customers.