PhonePe processed 10.50 billion UPI transactions in March 2026, becoming the first payment application in India to surpass 10 billion monthly transactions on the Unified Payments Interface. The app accounted for 46.4 percent of all UPI transaction volume during the month, extending its lead over Google Pay, which processed 7.5 billion transactions at 33.3 percent market share.
The milestone coincided with UPI setting an all-time monthly record of 22.64 billion transactions worth Rs 29.53 lakh crore in March. Google Pay's transaction value approached Rs 10 lakh crore for the month. Paytm held 7.8 percent of volume, with Navi at 3.5 percent and all other apps combining for 9 percent.
PhonePe also announced reaching 50 million registered merchants across 98 percent of India's postal codes on April 28, alongside over 600 million registered users. The company has filed updated paperwork with SEBI ahead of a planned IPO. NPCI's 30 percent volume cap per third-party app remains extended to December 31, 2026, well above PhonePe's current 46 percent share, and the regulator has not indicated how or when enforcement will begin.