PhonePe, GPay, Paytm hit record UPI volumes in May; digital gold flatlines at Rs 2,451 crore
UPI clocked 23.2 billion transactions worth Rs 29.9 lakh crore in May 2025. PhonePe led with 10.73 billion (46.3% share), GPay 7.60 billion (32.8%) and Paytm 1.84 billion (7.9%). Groceries topped merchant categories at 3.87 billion transactions, while digital gold purchases stayed flat at 249 million txns / Rs 2,451 crore.
UPI hit 23.2 billion transactions worth Rs 29.9 lakh crore in May, with PhonePe, GPay and Paytm posting record volumes. Groceries led merchant categories at 3.87 billion txns; digital gold purchases stayed flat near Rs 2,451 crore.
Why this matters
PhonePe extends its UPI dominance even as it expands beyond payments, piloting credit-card rent payments with CRED and launching SmartPages AI tools for long-tail merchants.
Retail-company signals steady at 2,877 over the last 90 days.