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Section 03

Market Position & Competition

Data as on Sep 2025 UPI market share, competitive landscape, peer comparison

49.15%

PhonePe UPI Share (TPV)

+5.36pp since Dec 2020

35.67%

Google Pay Share

-6.69pp since Dec 2020

5.93%

Paytm Share

-1.59pp since Dec 2020

58
Months at #1
Consecutive leadership

Market Position Overview

PhonePe has established dominant market leadership across India's digital payments ecosystem, maintaining the #1 position in customer-initiated UPI transactions for 58 consecutive months from December 2020 through September 2025. The company has gained 5.36 percentage points of market share while Google Pay lost 6.69pp over the same period. This sustained outperformance reflects PhonePe's superior execution in merchant acquisition, product innovation, and user engagement.

UPI Market Share by Transaction Volume (Sep 2025)

Analyst View

PhonePe: 49.15% share — undisputed market leader.

Google Pay: 35.67% — strong #2 but losing ground.

Paytm: 5.93% — declining post-crisis.

Top-2 control 85% — near-duopoly structure.

PhonePe

Google Pay

Paytm

Others

Source: NPCI, Datum Intelligence Get the data

Market Share Evolution (Dec 2020 - Sep 2025)

Analyst View

PhonePe: 43.79% → 49.15% (+5.36pp).

Google Pay: 42.4% → 35.7% (-6.7pp).

Paytm: 7.5% → 5.9% (-1.6pp).

Others: 6.3% → 9.2% (+2.9pp).

PhonePe

Google Pay

Paytm

Others

Source: NPCI Get the data

PhonePe Market Share Across Payment Verticals

Payment Segment	PhonePe Share	Period	Market Size
UPI P2P Transactions (Volume)	49%	H1 FY26	Industry data
UPI Autopay (Successful)	57%	H1 FY26	~50M mandates/month
BBPS Transactions	36%	H1 FY26	₹10T TPV (FY25)
Online Recharges (TPV)	46%	FY25	₹1.68T market
RuPay Credit Card on UPI	43%	FY25	₹1.37T TPV
UPI Lite Transactions	40%	FY25	670M volume
Two-Wheeler Digital Insurance	20-25%	FY25	₹12.5-16.0B premium
Four-Wheeler Digital Insurance	12-15%	FY25	₹24.0-30.0B premium

Source: PhonePe UDRHP-I, NPCI Get the data

PhonePe vs Paytm: Head-to-Head Comparison (FY25)

Metric	PhonePe	Paytm	PhonePe Advantage
Monthly Active Customers	230.1M	72.0M	3.2x
UPI Market Share (Sep '25)	49.2%	5.9%	8.3x
Customer-Initiated TPV	₹131.6T	₹14.7T	9.0x
Revenue from Operations	₹71.1B	₹69.0B	+3.1%
Revenue Growth (YoY)	+40.5%	-30.8%	+71.3pp
Adjusted EBITDA	₹14.8B	₹(6.9)B	+₹21.7B
Adjusted EBITDA Margin	+20.8%	-10.0%	+30.8pp
Product Categories	9	6	Wider

Source: Company Filings, NPCI Get the data

Competitive Landscape

Market Leader

PhonePe

India's #1 UPI app for 58 months. Widest product suite with insurance, lending, mutual funds. First-mover in Indus Appstore.

49.2% Share | 618M Users | ₹131.6T TPV

49.2%

Market Share

+5.4pp

Share Gain

Strong #2

Google Pay

Backed by Alphabet. Strong brand but limited monetization beyond payments. No wallet, insurance, or lending.

35.7% Share | Global Tech Giant | ₹92.7T TPV

35.7%

Market Share

-6.7pp

Share Loss

Declining

Paytm

Lost payments bank license. Strong merchant base but share declining. Restructuring underway. -30.8% revenue decline.

5.9% Share | 72M MACs | ₹14.7T TPV

5.9%

Market Share

-1.6pp

Share Loss

Disclaimer: This report is for informational purposes only and does not constitute investment advice, financial advice, trading advice, or any other sort of advice. The information provided should not be relied upon for making any investment decisions. Past performance is not indicative of future results. Always conduct your own research and consult with a qualified financial advisor before making any investment decisions.