Paytm's UPI market share rises just 1% in 2 years
What's the story
Paytm has witnessed a one percentage point increase in its market share over the last two years. The company's share of Unified Payments Interface (UPI) transactions stood at 8.1% in September 2026, up from 7.1% in September 2024, according to data from the National PaymentsCorporation of India (NPCI).
Growth metrics
Transaction value surge
In September 2026, Paytm processed 1.94 billion transactions, a significant jump from the 1.06 billion transactions recorded in the same month two years ago.
The company's transaction value also saw a massive increase, rising from ₹1.13 lakh crore in September 2024 to ₹2.05 lakh crore in September 2026.
During this period, its share of UPI transaction value increased from about 5.5% to nearly 7%.
Market dynamics
UPI space dominated by PhonePe and Google Pay
Paytm is still far from its former glory in the UPI market, which is now dominated by PhonePe and Google Pay.
The duo commands nearly 78% of the UPI volume.
In FY 2022-23, Paytm had a transaction volume market share of about 13%, which fell to 11.8% in January 2024 before RBI imposed restrictions on Paytm Payments Bank Limited (PPBL).