Key Takeaways:

• UPI apps list leaders: PhonePe (47%), Google Pay (34%), Paytm (8%)
• axl upi app: @axl is Axis Bank’s handle used by PhonePe. Not a separate app
• IPO payment via UPI: mandatory for retail investors up to Rs. 2 lakh
• IPO mandate must be approved before deadline. Unapproved = rejected application
• Open demat account linked to a UPI bank list member to use UPI for IPO applications.

Overview

UPI (Unified Payments Interface) payments touched a record Rs 29.90 lakh crore (US$312.21 billion) in May 2026 which is an all-time high, showing increased adoption of digital financial services in India.

In this blog, you will get to explore top UPI apps, the list of banks participating in UPI, what @axl UPI is and how it can be used for IPO payment and IPO mandate application.

UPI App	Market Share (Volume)	UPI Handle	Best For
PhonePe	~47%	@ybl, @axl, @ibl	Merchants, bill payments, IPO
Google Pay	~34%	@okaxis, @okhdfcbank	P2P transfers, rewards
Paytm	~8%	@paytm	Wallet + UPI combo
BHIM	~1%	@upi, @bankname	NPCI official, government use
Amazon Pay	~0.6%	@apl	Amazon purchases, bill payments
CRED	~1%	@axl	Credit card users, high-value

*Indicative data is collected from various news articles/research for May 2026. Refer to updated information before any decisions.

What are UPI Apps?

UPI apps allow you to transfer money instantly from one bank account to another by specifying just the UPI ID. This process requires no cash, no card and no net banking login on every transaction.

What UPI apps are NOT:

1. Wallets – Money is debited from your bank account

2. A Bank specific application – A bank account of any bank can be linked to any of the UPI apps.

3. The @axl UPI ID Handle is Axis bank’s Handle which predominantly has the PhonePe App.

Why Use UPI Apps for Transactions?

UPI apps are instant with zero charge and available 24/7. UPI replaced NEFT and IMPS for most retail transactions.

• Zero charges for P2P and most merchant transactions
• IPO payment directly from savings account via UPI mandate
• Transaction limit: Rs. 1 lakh per transaction (Rs. 5 lakh for IPO payment)
• Works with 694+ banks on NPCI’s UPI bank list.

How Do UPI Apps Work?

UPI ID → NPCI infrastructure → recipient’s bank account. Settles in seconds.

• Factor 1: device-bound mobile number registered with the bank
• Factor 2: UPI PIN (4 or 6 digits)

The @axl UPI handle belongs to Axis Bank. Not a separate app.

For IPO payment via UPI: the registrar sends a fund block mandate after you apply. Enter UPI PIN to approve. Funds blocked, not debited, until allotment. Only valid bids with blocked funds are considered by the exchange.

What to Look for in the Best UPI Apps?

Not all UPI apps offer the same experience. Four criteria separate reliable from average.

Security: device-binding, 24×7 fraud monitoring, instant block for unauthorised access. Never share UPI PIN.

User interface: single-screen P2P transfer, scan-to-pay on home screen, IPO mandate notification visible immediately.

Transaction Success rate: It processed 10 billion monthly transactions by March 2026. Performance during peak times like IPO subscription and budget day are the key.

Customer Support: In app dispute resolution. Auto-refund: 95% of failed transactions get auto refunded within 30 minutes.

What are the Top UPI Apps in India?

PhonePe: 1,033 Cr in April ’26, holding 47.07% of the market. Handles used are @ybl, @axl (Axis Bank) and @ibl.

Google Pay: 735.9 Cr, with 33.54% of the market share. Handles are @okaxis and @okhdfcbank. Great for P2P transactions and for rewards and incentives.

Paytm: 177.8 Cr, holding 8.10% of the market share. Paytm UPI (also searched as paytm ipi) integrates UPI with wallet services,FASTag, and utility bill payments.

BHIM: The official app by NPCI, using @upi handle and is preferably used for government services and PMJDY accounts.

What is IPO Payment via UPI?

UPI is the prescribed payment mode by SEBI for retail IPO applications up to Rs. 2 lakh.

How IPO payment using UPI works:

1. Submit IPO application through your broker, use your UPI Id as the payment mode.

2. An IPO mandate will appear on your UPI app.

3. Accept the IPO mandate by entering your UPI PIN before it expires.

4. The funds will be blocked from your bank account till the allotment is finalized.

5. If you are allotted the IPO, the amount will be debited from your account. If you are not allotted any shares, the funds will be unblocked from your bank account by T+4 days.

IPO mandate limits:

Retail (up to Rs 2 lakh) – UPI compulsory.

HNI (up to Rs 5 lakh) – UPI is optional.

More than Rs 5 lakh – payment to be made by ASBA only (via banks).

UPI is the mandatory payment method for retail IPO applications up to Rs. 2 lakh per SEBI guidelines.

What is “UPI Test 2 Limited IPO” mandate?

Some investors receive a mandate labelled “UPI Test 2” or “UPI Test 2 Limited IPO” during the application process. This is a test mandate generated by the exchange or registrar to verify the UPI mandate functionality before the actual IPO mandate is raised. If you see “UPI Test 2 Limited IPO” on your screen: do not approve it. Wait for the actual mandate showing the company name and your exact application amount.

What is @axl UPI App?

Not a separate app. @axl is the UPI Handle of Axis Bank. Any UPI ID ending with @axl will be routed to Axis Bank. Ax l upi app search is so frequent because phonepe’s @axl handle confuses people who were expecting @ybl.

UPI Bank List

694+ banks live on UPI as of February 2025. Not all support IPO mandate via UPI. Confirmed IPO-eligible banks include SBI, HDFC Bank, ICICI Bank, Axis Bank, Kotak, Yes Bank, PNB, and Canara Bank.

For the full UPI bank list: NPCI’s live members list.

How to Choose the Right UPI App for You?

By use case:

• Daily merchant payments: PhonePe. Widest QR acceptance
• P2P transfers and rewards: Google Pay
• Wallet + UPI combo: Paytm (paytm ipi)
• IPO payment and mandate: PhonePe or Google Pay have the clearest mandate notification UI
• Government payments: BHIM

Common Issues with UPI Apps

Transaction failures are the most common complaint. Three categories:

Transaction failures: Funds debited, recipient not credited. NPCI auto-reversal within 30 minutes in most cases. Raise dispute in app under transaction history if not received within 30 minutes.

IPO mandate not received: most common IPO payment issue. Check UPI ID entered in broker application, verify bank is on the IPO upi bank list, and check the mandate section in the app manually.

App bugs: High-traffic periods (IPO subscription days) cause slowdowns. UPI has a 30-second timeout. Network drop mid-transaction: auto-reversed within 30 minutes.

Conclusion

PhonePe, Google Pay, and Paytm together handle over 88% of UPI volume. The choice between the top three depends on use case, not infrastructure. All three run on the same NPCI rails. For investors: IPO payment via UPI mandate is the standard process. Knowing the upi bank list and that @axl is Axis Bank removes the most common sources of confusion.

Open demat account at Jainam Broking via KYC-verified Aadhaar eKYC in 24 hours to enable UPI-based IPO applications.