📌 Overall UPI Statistics – January 2026
- Total Transactions: 21,272.57 Million (≈ 21.27 Billion)
- Total Transaction Value: ₹28,00,739.45 Crore
- Average Daily Transactions: ~686 Million
This shows sustained momentum compared to December 2025, where UPI had already crossed the 21 billion mark.
UPI Apps Market Share – January 2026 (App-wise Breakdown)
Below is the latest app-wise UPI transaction volume:
| Rank | UPI App | Jan 2026 Volume (Mn) | Market Share (Approx.) |
|---|---|---|---|
| 1 | PhonePe | 9,913.63 | ~46% |
| 2 | Google Pay | 7,229.11 | ~34% |
| 3 | Paytm | 1,659.49 | ~7.8% |
| 4 | Navi | 709.26 | ~3.3% |
| 5 | super.money | 298.41 | ~1.4% |
| 6 | BHIM | 172.07 | ~0.8% |
| 7 | CRED | 156.86 | ~0.7% |
| 8 | Axis Bank Apps | 153+ | ~0.7% |
| 9 | WhatsApp Pay | 113+ | ~0.5% |
| – | Others | Remaining Share | ~5–6% |
December 2025 vs January 2026 – Month-on-Month Comparison
| UPI App | Dec 2025 (Mn) | Jan 2026 (Mn) | Trend |
|---|---|---|---|
| PhonePe | 9,810 | 9,913 | ⬆ Growth |
| Google Pay | 7,496 | 7,229 | ⬇ Slight Dip |
| Paytm | 1,655 | 1,659 | ⬆ Stable Growth |
| Navi | 678 | 709 | ⬆ Growth |
| super.money | 287 | 298 | ⬆ Growth |
| BHIM | 158 | 172 | ⬆ Growth |
| CRED | 157 | 157 | ➖ Stable |
🔎 Key Observations
- PhonePe strengthened its leadership with incremental growth.
- Google Pay saw a slight correction, but remains firmly in second place.
- Mid-tier players like Navi and BHIM showed positive growth.
- Market concentration remains high, with top two apps controlling ~80%+ volume.
Why UPI Continues to Grow in 2026
1️⃣ Deep Merchant Penetration
UPI QR codes are now available from metros to rural kirana stores.
2️⃣ Seamless User Experience
Apps like PhonePe, Google Pay, and Paytm provide instant transfers, bill payments, and credit integrations.
3️⃣ Expansion of Credit on UPI
Credit cards linked to UPI are gaining traction, increasing transaction value.
4️⃣ Government & NPCI Push
Continuous innovation by NPCI ensures security, speed, and scalability.
UPI Market Concentration – Is It a Concern?
While innovation thrives, the dominance of PhonePe and Google Pay raises discussions about:
- Market share caps proposed by NPCI
- Need for ecosystem diversification
- Level playing field for emerging fintech apps
However, strong infrastructure and competition continue to drive growth.
UPI 2026 Outlook
Experts expect:
- Higher merchant credit adoption
- Cross-border UPI expansion
- Increased integration with financial products
- Stronger fraud monitoring mechanisms
UPI is evolving beyond payments — it is becoming India’s digital financial layer.
Conclusion
January 2026 reaffirms that UPI remains the most dominant retail payment system in India, with over 21.27 billion transactions in a single month.
While PhonePe and Google Pay dominate the ecosystem, mid-tier players are gradually expanding their footprint.
India’s digital payments journey is not slowing down — it is accelerating.
