WhatsApp Pay surpasses CRED in UPI volumes in June

WhatsApp Pay has edged past CRED in monthly Unified Payments Interface (UPI) transaction volumes for the first time, highlighting the competition in India’s digital payments market.

While the development does not alter the dominance of the sector’s biggest players, it signals that WhatsApp’s payments ambitions are beginning to gain traction after years of regulatory constraints and slow adoption.

The shift in rankings coincided with a leadership change at CRED. During the month, founder Kunal Shah left the fintech company to become WhatsApp’s global CEO, with Miten Sampat taking charge as CRED’s interim chief.

According to the National Payments Corporation of India (NPCI), WhatsApp Pay processed 150.48 million transactions in June, ahead of CRED’s 141.78 million.

Meanwhile, PhonePe retained its commanding lead with 10.48 billion transactions during the month, followed by Google Pay with 7.41 billion and Paytm with 1.80 billion.

The gap between WhatsApp Pay and CRED remains relatively small in the context of India’s enormous UPI ecosystem, where the top three apps continue to account for the overwhelming majority of both transaction volumes and values.

PhonePe processed payments worth about Rs 14.2 lakh crore in June, while Google Pay handled around Rs 9.7 lakh crore and Paytm nearly Rs 1.9 lakh crore. By comparison, CRED facilitated transactions worth about Rs 55,100 crore, substantially higher than WhatsApp Pay’s around Rs 11,400 crore, despite the latter recording more transactions during the month.

UPI, developed by NPCI, allows users to transfer money instantly between bank accounts using mobile applications. The platform has transformed India’s retail payments landscape since its launch in 2016 by making digital payments fast, interoperable and largely free for consumers. Today, it supports everything from peer-to-peer transfers to merchant payments at neighbourhood shops and large retailers.

WhatsApp Pay’s progress follows an important regulatory change. NPCI removed restrictions on user onboarding for the service at the end of December 2024, allowing WhatsApp to offer UPI payments to its full eligible user base in India rather than operating under earlier limits.

Despite the latest milestone, WhatsApp still has considerable ground to cover before it can challenge the market leaders. PhonePe and Google Pay continue to dominate UPI transactions, reflecting years of investment in merchant acceptance, customer acquisition and financial services built around payments.

Paytm also remains a significant player despite increased regulatory scrutiny over the past year, particularly following restrictions imposed on Paytm Payments Bank by the Reserve Bank of India.

Competition across India’s fintech sector is also evolving beyond simple payments. Companies are increasingly using UPI as an entry point to offer credit, insurance, wealth management and commerce services.

Newer players such as Navi, super.money and several banking applications have also expanded their presence, although their transaction volumes remain well below those of the market leaders.

At the policy level, regulators continue to focus on strengthening the resilience and inclusiveness of India’s digital payments infrastructure. NPCI has introduced a series of enhancements to the UPI ecosystem over the past two years, including credit on UPI, delegated payments and expanded use cases for merchants, while the Reserve Bank of India has encouraged innovation alongside stronger oversight of payment providers.