PhonePe hits 10B UPI

PhonePe processed more than 10 billion Unified Payments Interface transactions in March, the first app in India to cross that monthly mark. (moneycontrol.com) India’s wider UPI network handled 22.6 billion transactions in March, with total value above ₹29.6 lakh crore, according to National Payments Corporation of India data. (npci.org.in) Moneycontrol reported Google Pay processed about 7.5 billion UPI transactions in March, leaving the two biggest apps handling most consumer payments on the network. (moneycontrol.com) UPI is India’s instant bank-to-bank payment rail, and it has grown from a national system milestone of 10 billion monthly transactions in August 2023 to more than double that level in March 2026. (livemint.com) (npci.org.in) That growth has concentrated around a handful of apps. Moneycontrol reported the top three apps — PhonePe, Google Pay and Paytm — processed 88.3% of all UPI transactions in July 2025, down from 95.2% in January 2024 but still dominant. (moneycontrol.com) The concentration has also kept regulators focused on market share limits. National Payments Corporation of India extended the deadline for its 30% cap on any single third-party UPI app to the end of December 2026. (business-standard.com) Business Standard reported PhonePe handled nearly 10 billion of UPI’s 21.7 billion transactions in January 2026 and had more than 650 million registered users as it prepared for a public listing. (business-standard.com) For merchants, the effect is visible at checkout: the biggest UPI apps increasingly shape which payment buttons get prime placement, because that is where most customers already are. March’s numbers show that habit getting stronger, not weaker. (moneycontrol.com)