UPI Crosses 23 Bn Transactions In May, Up 3.8% MoM As Duopoly Concerns Loom
UPI clocked 23.2 Bn transactions worth ₹29.9 Lakh Cr in May 2026, up 3.8% MoM and 24% YoY in volume. PhonePe (47.07%) and Google Pay (33.54%) still command 80%+ share, with Paytm trailing at 8.10%. NPCI is weighing shared soundbox infra and a 30% market-share cap by December 2026.
UPI clocked 23.2 Bn transactions worth ₹29.9 Lakh Cr in May 2026, up 3.8% MoM and 24% YoY in volume. PhonePe (47.07%) and Google Pay (33.54%) still command 80%+
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