PhonePe nears 9 Bn UPI transactions in July; groceries, fast food drive volumes

India’s UPI ecosystem continued to be dominated by PhonePe and Google Pay in July as they jointly captured more than 81% of total customer-initiated transaction volume and value.

According to data released by the National Payments Corporation of India (NPCI), UPI processed an all-time high of 19.47 billion transactions worth Rs 25.08 lakh crore in July.

Out of the total, PhonePe (8.93 billion) accounted for a commanding 45.88% share in terms of volume, followed by Google Pay (6.92 billion) with 35.56%. Of the total transaction value of Rs…