UPI Volume Slips 2% MoM To 22.72 Bn In June As PhonePe-GPay Duopoly Dips Below 80%

UPI logged 22.72 Bn transactions in June, down 2.1% MoM, with value falling 3.3% to ₹28.92 Lakh Cr — though volume still rose 23% YoY. PhonePe held 46.5% share and Google Pay 32.9%, their combined dominance slipping under 80% as challengers gain ground.

— Filed Wed, 1 Jul, 2026, 12:10 IST · Source Inc42 · Updated

UPI transaction volume dipped 2.1% MoM to 22.72 Bn in June, value fell 3.3% to ₹28.92 Lakh Cr, though YoY growth stayed strong. PhonePe and Google Pay's combined share slipped below 80%.

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