UPI Transactions Exceed 20 Billion in August; PhonePe and Google Pay Retain Top Spots

The Unified Payments Interface (UPI) network processed over 20 billion transactions in August 2025, marking the first time it has crossed the 20 billion monthly transaction threshold. According to data released by the National Payments Corporation of India (NPCI), the total value of these transactions was ₹24.85 lakh crore.

The market distribution for UPI transactions continues to be led by a few key applications. In terms of transaction volume, PhonePe was the market leader with an estimated 9.6 billion transactions, followed by Google Pay with 7.4 billion transactions and Paytm in third place with 1.6 billion transactions. Their shares of the total transaction value reflected a similar trend, with PhonePe holding 48.64%, Google Pay contributing 35.53%, and Paytm accounting for about 8.5%.

Other notable platforms in the ecosystem include Navi and CRED, which also featured among the top five applications by transaction volume. Navi processed around 406 million transactions, while CRED handled approximately 219 million. On average, the UPI network handled more than 645 million transactions each day throughout August.

An analysis of UPI transaction data from August reveals a spending landscape weighted towards financial payments and essential goods. The highest transaction values were recorded in debt and securities payments, with debt collection agencies leading in transaction value at Rs 77,007 crore. Consumer spending remained robust in key areas, with groceries and supermarkets accounting for Rs 68,116 crore.

Other significant categories included payments to securities brokers and for telecommunications and utilities, indicating a deep integration of UPI into both discretionary and non-discretionary spending habits.