PhonePe presently dominates the UPI market with almost 48% share based on transaction volume, with Google Pay at 37% and Paytm at 7%. The market share is expected to remain stable since NPCI has prolonged the compliance deadline for Third Party App Providers (TPAPs) that surpass the volume cap in UPI. The deadline has been postponed by two years, now set for December 31, 2026.

In the meantime, NPCI has raised the user onboarding cap for WhatsApp Pay, enabling the platform to offer UPI services to its complete user base nationwide. At present, UPI payments are recognized in seven nations, comprising Bhutan, Mauritius, Nepal, Singapore, Sri Lanka, and France. Sources indicate that NPCI is aiming to broaden its services to include Qatar, Thailand, and the wider Southeast Asian area.

In December, the Unified Payments Interface (UPI) noted 16.73 billion transactions totaling Rs 23.25 lakh crore, reflecting an 8% growth in volume and a 7.88% increase in value relative to November. This indicates a 39% YoY growth in volume and a 28% rise in value on a year-on-year basis, as per data provided by NPCI (The National Payments Corporation of India).

The daily average transaction count for December stood at 540 million, with a total daily transaction value of Rs 74,990 crore. In November, the average number of transactions per day was 516 million, and the daily transaction value amounted to Rs 71,840 crore. This increase persisted from October 2024, when UPI handled 16.58 billion transactions valued at Rs 23.50 lakh crore.