UPI hits record 23.2 Bn monthly transactions in May; PhonePe holds 46.2% share
India's UPI rail processed 23.2 billion transactions worth Rs 29.90 lakh crore in May 2026, averaging 748 Mn daily transfers and Rs 96,465 crore in daily value. Volumes grew 3.8% MoM. PhonePe leads with 46.2% share, followed by Google Pay (33%) and Paytm (8%); smaller apps are pushing NPCI for a level playing field.
UPI crossed 23.2 billion monthly transactions worth Rs 29.90 lakh crore in May 2026, a record for India's real-time payments rail. PhonePe leads with 46.2% volume share; smaller apps are lobbying NPCI for a level playing field.
Why this matters
UPI continues setting volume records after crossing 200B annual transactions in FY26, even as cash in circulation rose 11.4%. NPCI is also extending UPI rails abroad, with Cyprus going live in 2026 as its first EU foothold.
Retail-company signals steady at 1,516 over the last 90 days.
Also reported by
- Entrackr — Same time