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The Entrepreneur Story
BUSINESS·1 min read·May 14, 2026

PhonePe abandons Google Pay behind in UPI market share in Dec

Advanced installments firm PhonePe overwhelmed its most despised opponent Google Pay as far as exchange volume and incentive in December, information from the National Payments Corporation of India (NPCI) shows. PhonePe had recorded 902.03 million exchanges worth Rs 182,126.88 crore in December whil

Close-up of hands holding a tablet showing the Google search page.
Close-up of hands holding a tablet showing the Google search page. · Plate 01 · Photographed for The Entrepreneur Story

Advanced installments firm PhonePe overwhelmed its most despised opponent Google Pay as far as exchange volume and incentive in December, information from the National Payments Corporation of India (NPCI) shows.

PhonePe had recorded 902.03 million exchanges worth Rs 182,126.88 crore in December while Google Pay enrolled 854.49 million exchanges adding up to Rs 176,199.33 crore during a similar period.

Generally, UPI had recorded 2.23 billion exchanges worth Rs 4,16,176.21 crore or Rs 4.16 trillion in December in which the distributed (P2P) exchanges remained at 1,283.71 million esteeming to Rs 3,48,006.06 crore while peer-to-shipper (P2M) exchanges recorded at 950.45 million adding up to Rs 68,170.15 crore.

In November, Google Pay had the biggest piece of the overall industry with 960.02 million exchanges through UPI followed by PhonePe’s 868.40 million. In any case, PhonePe was in front of Google Pay as far as the estimation of the exchange and had handled Rs 1,75,453.85 crore when contrasted with Google Pay’s Rs 1,61,418.19 crore.

While the best two parts in the UPI environment traded their position, Paytm Payments Bank applications and Amazon Pay kept up their third and fourth spot in the most recent month. Paytm Payments Banks applications recorded 256.36 million exchanges worth Rs 31,291.83 crore and Amazon Pay’s all out UPI exchange was recorded at 40.53 million worth Rs 3,508.93 crore.

WhatsApp, which has been confronting clients’ rage over its new protection strategy, had recorded 0.81 million exchanges worth Rs 29.72 crore in December against 0.31 million exchanges worth Rs 13.87 crore in the earlier month.

The Facebook-claimed texting application was permitted to reveal its UPI-based installment include for additional clients toward the beginning of November. Nonetheless, it has not had the option to acquire the foreseen upsurge in handling UPI volume and incentive over the most recent two months.

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  1. 01What is this story about?
    Advanced installments firm PhonePe overwhelmed its most despised opponent Google Pay as far as exchange volume and incentive in December, information from the National Payments Corporation of India (NPCI) shows. PhonePe had recorded 902.03 million exchanges worth Rs 182,126.88 crore in December whil
  2. 02Who wrote it?
    Sheena · Staff. 1 min read · May 14, 2026.
  3. 03Is this sponsored?
    If a piece is, the disclosure sits above the cover image and again in our public transparency report. This one carries no commercial disclosure.
  4. 04How do I get the rest?
    Subscribe to The Briefing for a Wednesday letter from the desk, or browse by category from the top navigation.

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