Unified Payments Interface (UPI) transactions recorded a 6.6% decline in volume at 15.48 billion in November 2024, while the value of these transactions dipped 8.3% to ₹21.55 lakh crore, the NPCI data shows.

UPI transactions in both volume and value terms hit their peak in October 2024, achieving 16.58 billion transactions in volume and ₹23.49 lakh crore in value terms.

Subsequently, major UPI players also saw a decline in cumulative volume and value in November as compared to October. PhonePe retained its top stop among the UPI apps with 740 million transactions amounting to ₹10.88 lakh crore. In the previous month, total transactions on PhonePe stood at 790 million, which amounted to ₹11.69 lakh crore.

Google Pay also retained its spot among the top three in November, clocking 573 million transactions worth ₹7.64 lakh crore. In October, these numbers stood at 620 million ₹8.49 lakh crore, respectively.

Paytm was a distant third, with 107 million transactions amounting to ₹1.18 lakh crore. Paytm also saw a decline in total transactions and value at 116 million and ₹1.29 lakh crore, respectively.

The top three players dominate the market with around 92% market share each in value and volume terms. Other apps that were in the top 10 included Navi (4th), Cred (5th), Axis Bank Apps, super.money, Amazon Pay, FamApp by Trio and ICICI Bank Apps.

In the top 10 UPI apps, ICICI Bank Apps slid from 9th spot to 10th in volume. Amazon Pay also slid one spot down to 8th, while Flipkart's super.money, which was in the 12th spot in October, improved five places to 7th place in volume. Super.money gained a major share as it beat Amazon Pay to grab the 7th spot in November 2024. Flipkart, the e-commerce giant backed by Walmart, had launched super.money in June this year. The move had come after PhonePe, a former group company also majority-owned by Walmart, was separated from Flipkart in 2023.

UPI frauds on the rise

The country has reported 6.32 lakh cases of UPI payment frauds worth ₹485 crore as of September 2024, according to the RBI data. There were 13.42 lakh UPI fraud cases in FY24, in which around ₹1,087 crore were involved, a huge spike from ₹573 crore in FY23.

Besides, Indians lost ₹2,715 crore to 'financial frauds' involving amounts of ₹1 lakh or more per case in FY 2023-24, according to the RBI data. The information was shared by Minister of State (MoS) Finance Ministry Pankaj Chaudhary in the Lok Sabha last month.

As per Reserve Bank of India (RBI) data on financial frauds in respect of the amount involved of ₹1 lakh and above in each case and based on the date of occurrence, amounts involved in the fraud cases in commercial banks and all Indian financial institutions declined in FY24 from FY23 when it stood at ₹3,607 crore, MoS Chaudhary stated.

The minister said the number of financial frauds has been declining in the past three years. There were financial frauds worth ₹9,298 crore in FY 2021-22.