UPI Transactions Slow Down in June
UPI 
The Unified Payments Interface (UPI) witnessed a slight decline in both transaction volume and value in June compared to the previous month. The total transaction volume dipped by 1% to 13.9 billion, while the transaction value decreased marginally to Rs 20.07 lakh crore.
Market Share Dynamics
PhonePe held its situation as the prevailing player in the UPI environment, handling 6.7 billion exchanges worth Rs 10.09 lakh crore in June, meaning a 48.3% piece of the pie. Google Pay followed intimately with 5.1 billion exchanges esteemed at Rs 7.07 lakh crore, catching a 36.7% portion of the overall industry. Paytm got the third position, handling 1.1 billion exchanges worth Rs 1.2 lakh crore, addressing almost 8% of the market.
Appeared differently in relation to May, PhonePe’s trade regard reduced from Rs 10.33 lakh crore to Rs 10.09 lakh crore, while Google Pay’s worth slipped from Rs 7.2 lakh crore to Rs 7.07 lakh crore. Paytm’s trade regard remained tolerably stable at Rs 1.2 lakh crore.
To the extent that trade volume, PhonePe dealt with 6.8 billion trades in May, while Google Pay and Paytm dealt with 5.2 billion and 1.14 billion trades, independently.
Emerging Players and Future Outlook
Despite facing restrictions on new user onboarding, Paytm has managed to maintain its market share for two consecutive months through strategic partnerships with major banks like Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank.
A new wave of players, including CRED, NAVI, Groww, Slice, and the recently launched Flipkart UPI, are steadily gaining traction in the UPI space. Notably, CRED has surpassed Amazon Pay, WhatsApp, and BHIM to become the fourth-largest UPI player, processing over one-third of Paytm’s transaction value in June.
The National Payments Corporation of India (NPCI) has reported a consistent addition of 6 million new UPI users each month. With an ambitious target of achieving 1 billion transactions per day in the future, the UPI ecosystem is poised for continued growth and innovation.