Fortune India
India crossed 14 billion UPI transactions in a single month in 2024. With cashless payments becoming the norm, the UPI battleground is fiercer than ever - led by Google Pay, PhonePe, and Paytm.
With over 47.25% market share in UPI transactions, PhonePe dominates the space in 2025. Its wide merchant integration and aggressive tier-2 city expansion keep it ahead of the curve.
Google Pay retains strong traction among millennials and salaried professionals in metros. Sleek UI and Google’s trust factor keep it a major player, despite tighter competition.
After setbacks in 2023-24, Paytm is focusing on wallet-to-UPI integration, small business onboarding, and postpaid features. Its vast ecosystem gives it a unique edge.
In March 2025, PhonePe processed 8.6 billion UPI transactions, while Google Pay and Paytm follow with 3.5 and 1.2 billion, respectively. The numbers speak volumes.
Google Pay offers the cleanest, ad-free experience, while PhonePe is more feature-rich. Paytm’s UI has improved post-update, but ads still clutter the experience for many.
PhonePe dominates with 15 million+ merchant QR codes, followed by Paytm’s loyal kirana base. Google Pay trails in rural retail coverage despite its urban strength.
All apps follow RBI guidelines, but Google Pay ranks highest in user trust for data protection. PhonePe and Paytm have ramped up encryption and fraud detection tools.
From "credit-on-UPI" to gold savings, PhonePe leads innovation. Google Pay is pushing deeper AI integrations, while Paytm is reviving its fintech play with lending and insurance.
PhonePe remains the clear market leader in terms of scale and penetration. Google Pay holds strong in urban India, and Paytm is the comeback kid with fintech synergies.