PhonePe & Google Pay’s combined UPI app share fell to 77.8% in Sept 2026
According to NPCI data, PhonePe and Google Pay together accounted for 77.8% of UPI transactions in September 2026, down marginally from the prior month. PhonePe maintained the largest share at 45.57%, while Google Pay held 32.23%. Over the past year, both companies have lost ground: Google Pay declined 3.2 percentage points and PhonePe fell 0.9 percentage points from their September 2025 levels. Competitors including Paytm, Navi, and others are gradually gaining market share, though both leaders still exceed NPCI's 30% individual caps.
Key points
- PhonePe and Google Pay combined share fell to 77.8%
- PhonePe leads at 45.57%, Google Pay at 32.23%
- Competitors gaining ground; both still exceed 30% regulatory cap
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