UPI Transactions Decline Marginally MoM To 22.35 Bn In April

UPI transactions slipped 1.3% MoM to 22.35 Bn in April from 22.64 Bn transactions recorded in March. As per the NPCI data, the value of the UPI transactions last month declined to ₹29.03 Lakh Cr from ₹29.53 Lakh Cr in March. 

On a YoY basis, the number of UPI transactions rose 25% from 17.89 Bn transactions in April 2025 and the value of the transactions grew 21% from 23.95 Lakh Cr.

Meanwhile, average daily transaction count and value rose MoM last month. The average daily transaction count stood at 745 Mn in April, up 2.1% from 730 Mn recorded in March. The average daily transaction value stood at ₹96,766 Cr during the month under review, up 1.6% from ₹95,243 Cr in March.

While the data for UPI app players’ performance in April will be released after a few weeks, PhonePe and Google Pay continued to lead the sector in March. PhonePe crossed the 1,000 Cr transaction volume mark in March, processing transactions worth ₹14.48 Lakh Cr.

Google Pay’s market share declined to 33.5% from 34% in February, while Paytm’s market share also declined marginally to 7.9% from 8% in February.  

Yesterday, NPCI officials held a meeting with smaller players in the UPI ecosystem to discuss a long-standing market cap issue. The discussions likely focused on proposals aimed at boosting competition, including preferential incentives, early access to new features, and a review of autopay-related restrictions.

Notably, the NPCI proposed a 30% market share cap for UPI players in 2020. However, the timeline for its implementation has been extended multiple times. In 2024, the NPCI postponed the deadline for implementing the 30% cap on market share of third-party app providers (TPAPs), such as PhonePe and Google Pay, by another two years — till December 31, 2026.

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