India’s UPI network saw continued expansion in July, with transaction volumes and value reaching new heights. Navi’s market share increased as the payments landscape remains competitive amid policy shifts, signalling deeper integration of instant payments in everyday commerce.
India’s UPI network kept expanding in July, with transaction volumes rising to 23.66 billion from 22.72 billion in June and total value climbing to ₹29.88 lakh crore from ₹28.92 lakh crore, according to NPCI data reported by Inc42. The monthly increase underscored how deeply the instant-payments system has embedded itself in everyday commerce, even as growth in the pace of expansion remained uneven across providers.
The biggest listed wallet and payments apps continued to jockey for position. Inc42 reported that Navi, backed by Sachin Bansal, lifted its market share to 4% in July from 3.7% in June and 3.6% in May, helped by 94.7 crore transactions worth ₹48,318 crore. PhonePe and Google Pay remained the dominant players, but their combined share slipped to 78.6% as both saw only marginal erosion in July. Paytm held steady at 8%.
Smaller competitors were broadly stable. Inc42 said Flipkart’s super.money, WhatsApp, CRED, Amazon Pay and BHIM UPI held near their June positions, while the smaller-player category regained some ground overall, reaching 3.8% from 3.6% the previous month. That suggests the market is still concentrated, but not entirely static, with newer entrants continuing to pick up modest share.
The latest numbers also come as the policy backdrop for UPI begins to shift. Parliament has cleared an amendment that would allow the government to introduce merchant discount rates on some UPI transactions, creating a possible new revenue stream for payment firms after years of zero-fee transfers. Finance minister Nirmala Sitharaman has said peer-to-peer payments will stay free, while the government will decide which merchant payments, if any, could carry charges. Business Standard, the Economic Times and other outlets have noted that July’s overall UPI growth continued a broader trend of rapid adoption, with the system posting strong year-on-year gains in both volume and value.
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