In June, PhonePe and Google Pay accounted for more than 82 percent of the total UPI transactions by volume. Moving to the third spot, Paytm held a 6.9 percent share of the overall UPI volume, based on figures published by NPCI.

In June, the UPI network recorded 18.4 billion transactions totaling Rs 24.04 lakh crore.

PhonePe has maintained its leading position in the sector, handling 8.55 billion transactions and an overall value of Rs 11.99 lakh crore. It accounted for 46.5 percent of the overall UPI volume and approached 50 percent of the value. On its path to being listed on the Indian exchanges, PhonePe captured half the UPI market in May.

In June, Google Pay recorded 6.54 billion transactions with a total value of Rs 8.41 lakh crore, making it the second-largest UPI platform. Last month, the UPI platform managed 35.6 percent of the volume and more than 35 percent of the total value of the entire ecosystem.

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Paytm, operated by One97 Communications, ranked a far-off third with 1.27 billion UPI transactions valued at Rs 1.34 lakh crore, representing 6.9 percent of the volume and 5.6 percent of the value.

Navi, owned by Sachin Bansal, recorded 406 million transactions totaling Rs 21,815 crore, whereas FamApp by Trio achieved 113 million transactions valued at Rs 1,440 crore.

PhonePe, a leading UPI app, derives 95 percent of its revenue from digital payment transactions, with UPI payments being a fundamental component of its operations.

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At the same time, payments firm Pine Labs, which was expected to submit its initial IPO documents last month, receives a notable portion of transactions through UPI. UPI constitutes a major portion of revenue for Razorpay, which additionally aims to go public by 2026.

UPI has expanded quickly since its introduction in 2016. Yet, the platform's rapid expansion has begun to decelerate as it nears saturation.