The Unified Payments Interface (UPI) landscape in India is witnessing a significant shift, with emerging players steadily gaining market share. In a notable development, Flipkart Group’s payment app, super.money, has risen to become the fifth-largest UPI player, surpassing Kunal Shah-led CRED in February 2025. This reshuffling in the rankings reflects the increasing competition in the digital payments ecosystem.
Reshaping the UPI Market
According to the National Payments Corporation of India (NPCI), Flipkart‘s super.money recorded approximately 139 million UPI transactions in February, overtaking CRED, which saw its transaction volume remain stagnant at around 130 million for the past year. Meanwhile, Navi, a fintech and credit platform founded by Sachin Bansal, secured the fourth position in November 2024 and further solidified its standing with 261 million UPI transactions in February.
This development underscores the growing influence of new-age fintech players in a sector long dominated by market leaders PhonePe and Google Pay. The influx of these platforms has begun to fragment the market, chipping away at the share of established giants.
Market Share and Competitive Landscape
Despite the growing competition, PhonePe and Google Pay continue to dominate the UPI ecosystem, collectively holding over 83% of the market. NPCI’s data reveals that:
- PhonePe leads the market with a 47.5% share in transaction volume and 51% in transaction value.
- Google Pay follows with 36% volume share and 35% in transaction value.
- Paytm, the third-largest UPI player, holds a 6.7% volume share and 5.3% value share.
- Emerging players such as Navi (1.5%), CRED (0.9%), and super.money (0.7%) are gaining traction.
WhatsApp Pay’s Resurgence
January 2025 saw a major breakthrough for WhatsApp Pay, which re-entered the top 10 UPI apps after NPCI lifted its user cap. The messaging giant processed 61 million UPI transactions in January, more than doubling its 26.08 million transactions from the same period last year. This resurgence indicates WhatsApp Pay’s increasing adoption, further intensifying competition in the sector.
UPI Growth Continues to Set Records
India’s UPI ecosystem continues to scale new heights, reflecting the rapid adoption of digital transactions. On March 1, 2025, daily UPI transactions surpassed ₹1 lakh crore for the first time, with total transactions amounting to ₹1,01,628 crore. This milestone reinforces the increasing reliance on UPI for high-value transactions, salary disbursements, and recurring payments like rent and utilities.
NPCI Chief Dilip Asbe has highlighted that UPI now boasts 450 million users, with 200 million actively using the platform daily. He further emphasized the need for RBI, the government, and financial institutions to strategically onboard an additional 200-300 million users to drive financial inclusion and digital payments adoption.
The Future of UPI and Digital Payments
With the entry of new players and an increasingly competitive environment, the UPI market is poised for further transformation. While PhonePe and Google Pay continue to dominate, the growth of platforms like super.money, Navi, and WhatsApp Pay signals an evolving landscape where consumer preferences and fintech innovations are reshaping digital transactions.
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As businesses and financial institutions adapt to this dynamic environment, strategic partnerships, innovative payment solutions, and user engagement initiatives will be key to sustaining growth in India’s booming UPI market.
