UPI clears 23.2 Bn transactions in May, up 3.8% MoM as PhonePe-GPay duopoly tightens
UPI volume hit 23.2 Bn in May 2026 (+3.8% MoM, +24% YoY) with value at ₹29.9 Lakh Cr. PhonePe holds 47.07% and Google Pay 33.54%, leaving Paytm at 8.10%. NPCI is reviving the 30% market share cap deadline to Dec 2026 and planning shared soundbox infrastructure for merchants.
UPI volume hit 23.2 Bn in May 2026 (+3.8% MoM, +24% YoY) with value at ₹29.9 Lakh Cr. PhonePe holds 47.07% and Google Pay 33.54%, leaving Paytm at 8.10%. NPCI i
Inc42 · 6/1/2026, 8:03:42 AM · Ask about this →