India, April 12 -- IPO-bound fintech company PhonePe maintained its leadership position in the UPI market in March, processing 864.7 Cr, or 47.25% of the total UPI transactions. On a month-on-basis, this was a 0.28% decline from 765.6 Cr transactions.

The value of transactions handled by PhonePe stood at INR 12.57 Lakh Cr during the month. In terms of transaction value, the Walmart-backed fintech player contributed 50.74% to the total UPI transaction volume in March 2025.

Following its lead was Google Pay, which notched up 36.04% of the total UPI transactions while accounting for 34.98% of the total UPI value. In absolute numbers, Google Pay handled 659.6 Cr transactions worth INR 8.66 Lakh Cr in March.

Overall, UPI transactions in the...