In January 2023, PhonePe maintains its leading position in UPI payments by handling more than 47% of the total transactions.

According to data released by the National Payments Corporation of India (NPCI), PhonePe led the UPI transactions in January 2023, handling 3,802.67 Cr transactions, which constituted over 47% of the total transaction count. The total value of these transactions amounted to INR 6.51 Lakh Cr, contributing to 50% of the overall value for the month.

Following closely, Google Pay secured the second position by processing 2,782 Cr transactions, equivalent to INR 4.43 Lakh Cr in value during the same period.

Taking the third spot, Paytm accounted for 14% (1,190.89 Cr) of the total transaction volume, processing UPI transactions worth ₹1.39 Lakh Cr in January 2023. This amounted to more than 10% of the total transaction value.

CRED processed 35.18 Cr transactions valued at ₹19,106.82 Cr during January 2023, contributing just 0.4% to the total transaction count but accounting for nearly 1.5% of the total transaction volume.Notably, in January 2023, the Unified Payments Interface (UPI) achieved a milestone by processing a record 803 Cr transactions, totaling ₹12.98 Lakh Cr in value.