India, Nov. 18 -- The onset of the festive season and the rollout of GST 2.0 gave India's digital payments landscape a strong boost in October, pushing monthly Unified Payments Interface (UPI) transactions to a record 20.7 Bn. But even as overall volumes hit an all-time high, the dominance of the top two UPI players - PhonePe and Google Pay - softened marginally.

According to NPCI data, PhonePe processed 941.2 Cr transactions worth INR 13.06 Lakh Cr in October, with its market share slipping to 46.3% from 46.4% in September.

With 716.5 Cr monthly transactions, Google Pay's market share slipped to 35.2% from 35.4% in September.

This mirrored September's trend, when both players had also ceded small slices of market share. However, overa...