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PhonePe leads as India’s UPI transactions hit record high
In December 2024, PhonePe recorded 798.4 crore rupees (US$$95.81 million) Unified Payments Interface (UPI) transactions, a 7.8% increase from 740.1 crore rupees (US$88.81 million) transactions in November.
The total transaction value reached 11.76 lakh crore rupees (US$141.12 billion), up from 10.88 lakh crore rupees (US$130.56 billion) the previous month.
This accounted for nearly half of the total UPI transaction value and over 47% of the total volume.
Google Pay ranked second, capturing a market share of 37.22% with 614 crore rupees (US$73.68 million) transactions in December, up from 573 crore rupees (US$68.76 million) in November.
Paytm was the third-largest UPI app, but its market share slightly declined to 6.97%.
In total, UPI transactions reached a record 1,673 crore rupees (US$200.76 million) in December, reflecting an 8.08% growth from November’s 1,548 crore rupees (US$185.76 million).
Recent PhonePe developments
| Timeline |
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30-Aug-2023 💰 India’s PhonePe enters stock broking with new platform
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17-Mar-2023 💰 PhonePe secures $200m from Walmart to develop new businesses
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14-Feb-2023 💰 PhonePe raises another $100m round at $12b valuation
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15-Dec-2020 💰 PhonePe receives $20m from Flipkart, filings show
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