PhonePe Holds 47% UPI Share as Google Pay, Paytm Battle for Ground in 2025
PhonePe leads India's UPI market with 47.25% share and 8.6 billion transactions in March 2025, backed by 15M merchant QR codes. Google Pay (3.5B txns) dominates urban metros while Paytm (1.2B) rebuilds via wallet-to-UPI, lending, and small-business onboarding amid 14B monthly transactions.
Comparison of India's leading UPI payment apps in 2025: PhonePe dominates with 47.25% share and 15M merchant QR codes, Google Pay leads urban metros, and Paytm rebuilds via wallet-to-UPI, lending, and small-business onboarding.
Why this matters
PhonePe's UPI dominance comes as the Walmart-backed firm preps its India IPO and clarifies that wallet inactivity fees hit only wallet balances, not linked bank or UPI accounts.
Retail-company signals are accelerating, up 420200% QoQ.