UPI clocks record volume and value in May on summer spending boost

The 23.20 billion transactions in Could value ₹29.90 lakh crore marked a wholesome month-on-month restoration
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ALLEN EGENUSE J

Unified Funds Interface (UPI) transactions touched a document excessive in Could, with transaction worth rising 3 per cent month-on-month to ₹29.90 trillion from ₹29.03 trillion in April, in response to information launched by the Nationwide Funds Company of India (NPCI).

Transaction quantity rose 4 per cent month-on-month to 23.20 billion in Could from 22.35 billion in April.

Common each day transaction quantity stood at 748 million, whereas the typical each day transaction worth was ₹96,465 crore.

Business executives attributed the expansion to increased client spending in the course of the summer season journey season, the IPL 2026 event and seasonal consumption developments. The ensuing 23.20 billion transactions value ₹29.90 lakh crore marked a wholesome month-on-month restoration and prolonged UPI’s regular progress trajectory.

Dominant Forces

The UPI ecosystem continues to be dominated by PhonePe and Google Pay. In April, PhonePe processed 10.33 billion transactions, whereas Google Pay dealt with 7.36 billion transactions. As of April, 713 banks have been dwell on the UPI platform.

PhonePe accounted for 46.2 per cent of UPI transaction quantity in April and 49.3 per cent of transaction worth. Google Pay retained the second spot with a 33 per cent market share by quantity, whereas Paytm remained the third-largest participant with about 8 per cent. NPCI is but to launch the market-share information for Could.

UPI is presently dwell in seven international locations, together with the UAE, Singapore, Bhutan, Nepal and Mauritius.

Anand Kumar Bajaj, Founder, MD and CEO of PayNearby, stated developments in cross-border acceptance, service provider infrastructure, safety and credit score integration are deepening belief within the UPI ecosystem.

Pure Place

Akash Sinha, Co-founder and CEO of Cashfree Funds, stated: “Could’s numbers mirror sturdy natural demand. The extra significant story is structural. The RBI’s Funds Methods Report exhibits UPI’s common ticket dimension has declined from ₹1,848 in 2021 to ₹1,313 in 2025. This isn’t a priority; it’s a signal of a maturing ecosystem.

“Excessive-value transactions are more and more being dealt with by bank cards, whose transaction worth has grown from ₹8.9 lakh crore in 2021 to ₹23.2 lakh crore in 2025. UPI, in the meantime, has develop into the default rails for India’s on a regular basis economic system, together with funds to native retailers, transit and fast commerce. Every instrument is discovering its pure place within the funds stack.”

Printed on June 1, 2026