In June, players like Navi and super.money saw a marginal jump in their respective market share contrary to PhonePe and Google Pay losing it a bit

WhatsApp surpassed CRED in both UPI market share and transaction volume during the month with 15.1 Cr transactions worth ₹11,391.85 Cr

June also saw a decline in the market share acquired by smaller players to 3.6% from 4.3% last month

The Unified Payments Interface (UPI) race got more intense in the month of June as market share shifts indicate growing traction for smaller players as they gradually expand their presence in the ecosystem.

In June, players like Navi and super.money saw a marginal jump in their respective market share contrary to PhonePe and Google Pay losing it a bit.

In the month under review, Sachin Bansal-led Navi processed 84.3 Cr transactions worth ₹43,948.6 Cr, up 2.2% from 82.4 Cr transactions worth ₹43,601.7 Cr in May.

Similarly, Flipkart-backed super.money recorded 43 Cr transactions worth ₹20,252.40 Cr in the month under review. The app’s transaction volume in the preceding month stood at 41.9 Cr and volume was ₹19,422.73 Cr.

Both the players gained 0.1 percentage points (pp) in their market share for June.

On the other hand, PhonePe recorded 1,048.3 Cr transactions in the month under review. Meanwhile, the transaction value stood at ₹14.2 Lakh Cr in comparison to 1,0734.6 transactions recorded in May. PhonePe’s market share for June declined by 0.1 pp to 46.4%.

Similarly, Google Pay recorded 740.8 Cr transactions in June against 759.8 Cr transaction volume in May. The player also saw marginal market share loss during the month under review.

Meanwhile, WhatsApp surpassed CRED in both UPI market share and transaction volume during the month. In June, the Meta-owned messaging platform processed 15.1 Cr transactions worth ₹11,391.85 Cr, compared to CRED’s 14.2 Cr transactions amounting to ₹55,116.8 Cr.

While WhatsApp edged ahead in transaction count, CRED continued to lead by a wide margin in transaction value as its users typically undertake significantly higher-value transactions on the platform.

Overall, UPI transaction volume declined 2.1% to 22.72 Bn in June from 23.20 Bn in the previous month. As per the NPCI’s data, the total UPI transaction value also decreased 3.3% to ₹28.92 Lakh Cr last month from ₹29.90 Lakh Cr in May.

June also saw a decline in the market share acquired by smaller players to 3.6% from 4.3% last month.

Recently, NPCI has proposed a new framework called UPI Meta, also known as UPI Checkout, aiming to facilitate online payments faster by allowing users to save their preferred UPI ID and linked bank account with a merchant.

If implemented, users would no longer need to choose between apps such as PhonePe, Google Pay, Paytm, or WhatsApp for every transaction. Instead, payments could be authenticated directly using a UPI PIN or biometric verification.

The move has reportedly been opposed by smaller UPI players.

Smaller UPI apps argue that the proposal could further strengthen the dominance of PhonePe and Google Pay, which together already account for the majority of UPI transaction volumes. Their concern is that users will likely choose their most-used payment app during the initial onboarding process and rarely change that preference.