UPI June Update: Navi and super.money Gain Ground as PhonePe and Google Pay Lose Slightly

The Unified Payments Interface (UPI) market in India saw a subtle reshuffle in June, with newer players like Navi and super.money expanding their share by a fraction while incumbents PhonePe and Google Pay recorded slight declines. The data, released by the National Payments Corporation of India (NPCI), also showed WhatsApp surpassing CRED in transaction count, though CRED continued to dominate in transaction value.

Overall UPI volumes fell 2.1% month-on-month to 22.72 billion transactions in June, down from 23.20 billion in May. Total transaction value dropped 3.3% to ₹28.92 lakh crore from ₹29.90 lakh crore, reflecting a seasonal slowdown.

Por que importa

Smaller Players Edge Up
Sachin Bansal-led Navi processed 84.3 crore transactions worth ₹43,948.6 crore in June, up 2.2% from 82.4 crore transactions worth ₹43,601.7 crore in May. Its market share increased by 0.1 percentage points (pp) to approximately 3.7%. Similarly, Flipkart-backed super.money recorded 43 crore transactions worth ₹20,252.4 crore, compared to 41.9 crore transactions worth ₹19,422.73 crore in the previous month. super.money also gained 0.1 pp in market share.

Both players are among the emerging UPI apps that have been steadily building user bases, particularly through cashback offers, credit-line integration, and merchant incentives.

Contexto

Incumbents Lose Some Ground
PhonePe, the market leader, processed 1,048.3 crore transactions in June, down from 1,073.4 crore in May. Transaction value fell to ₹14.2 lakh crore from ₹14.5 lakh crore. Its market share declined by 0.1 pp to 46.4%. Google Pay recorded 740.8 crore transactions in June against 759.8 crore in May, also losing a marginal share.

The decline, though small, is notable because both apps have dominated UPI for years, with PhonePe and Google Pay together accounting for over 70% of transaction volumes. The NPCI data suggests that while the duopoly remains intact, the gap is narrowing slightly as users diversify their payment choices.

Que sigue

WhatsApp Surpasses CRED in Transaction Count
WhatsApp, the Meta-owned messaging platform, processed 15.1 crore transactions worth ₹11,391.85 crore in June, compared to CRED’s 14.2 crore transactions worth ₹55,116.8 crore. While WhatsApp beat CRED in transaction count, CRED’s average transaction value was significantly higher, reflecting its focus on credit card bill payments and high-ticket transactions.

This is the first time WhatsApp has overtaken CRED in volume, indicating growing adoption of the messaging-based UPI feature. However, CRED’s value per transaction remains far above the industry average.

Smaller Players’ Overall Share Shrinks
Despite the gains by Navi and super.money, the combined market share of all smaller UPI players (excluding PhonePe, Google Pay, Paytm, CRED, and WhatsApp) declined to 3.6% in June from 4.3% in May. This suggests that while a few niche apps are growing, many smaller players are losing ground, possibly due to limited marketing budgets and the difficulty of competing with established brands.

UPI Meta Proposal Sparks Opposition
Adding to the competitive dynamics, NPCI recently proposed a new framework called UPI Meta (also referred to as UPI Checkout). The system would allow users to save a preferred UPI ID and linked bank account with a merchant, enabling one-tap authentication via UPI PIN or biometrics without needing to choose an app for each transaction.

Smaller UPI players have opposed the proposal, arguing that it could further entrench the dominance of PhonePe and Google Pay. If users are prompted to select a default payment app during initial onboarding, they are likely to choose the most popular ones and rarely change that preference. This could reduce the ability of smaller apps to attract new users.

Dato clave	Value
Total UPI transactions in June	72 billion
Total UPI transaction value in June	₹28.92 lakh crore
PhonePe market share	4% (down 0.1 pp)
Google Pay market share	~32.6% (down ~0.1 pp)
Navi market share	~3.7% (up 0.1 pp)
super.money market share	~1.9% (up 0.1 pp)
WhatsApp transaction count	1 crore (surpassed CRED)

Why This Matters for Indian Tech and Digital Payments
The UPI landscape is crucial for India’s fintech ecosystem, and these monthly shifts reflect the constant battle for user attention and transaction volume. For startups and investors watching the space, the rise of Navi and super.money signals that niche players can still carve out share even in a market dominated by two giants. Meanwhile, the UPI Meta proposal could reshape the competitive landscape, making it harder for newer entrants to gain visibility. Readers should monitor NPCI’s next steps and the response from smaller fintech companies, as the outcome could affect everything from merchant acquisition costs to user choice in digital payments.

Source: Inc42 – “UPI In June: Navi, super.money Gain Ground As PhonePe, Google Pay Slip Slightly” – https://inc42.com/buzz/upi-in-june-navi-super-money-gain-ground-as-phonepe-google-pay-slip-slightly/