How Did UPI Perform In May 2026?
India’s Unified Payments Interface (UPI) ecosystem continued its strong growth momentum in May, processing 23.2 billion transactions compared to 22.35 billion in April. The total transaction value also climbed to ₹29.90 lakh crore, underscoring the growing adoption of digital payments across consumer and merchant transactions.
Which UPI Apps Dominated The Market In May?
Walmart-backed PhonePe retained its leadership position after processing 10.73 billion transactions, accounting for 46.3% of total UPI volume. In value terms, the platform handled transactions worth ₹14.67 lakh crore, translating into a 49.1% market share.
Google Pay remained the second-largest player with 7.60 billion transactions and a 32.8% market share by volume. The platform processed payments worth ₹10.03 lakh crore during the month.
Paytm continued to hold the third position with 1.84 billion transactions, capturing 7.9% of total UPI transaction volume.
Did PhonePe, Google Pay And Paytm Set New Records?
Yes. All three leading payment platforms recorded their highest ever monthly transaction volumes in May, reflecting the continued expansion of India’s digital payments ecosystem and rising consumer adoption.
Which Emerging UPI Players Are Gaining Market Share?
Among newer players, Navi processed over 824 million transactions, while Flipkart-backed super.money handled 419 million transactions. BHIM registered 227 million transactions and FamApp recorded nearly 197 million transactions.
Why Is CRED’s Value Share Higher Despite Lower Volumes?
CRED processed around 157 million transactions worth ₹61,002 crore. Although its transaction volume remains lower than larger rivals, the platform continues to command a 2% value share due to higher average transaction sizes among its user base.
What Categories Drove UPI Spending In May?
Everyday spending remained the biggest driver of UPI growth. Grocery and supermarket purchases led with 3.87 billion transactions, followed by fast-food restaurants and dining outlets.
Telecom services and fuel stations also featured among the most active merchant categories, highlighting UPI’s growing role in daily commerce.
Did Digital Gold Purchases Increase In May?
Digital gold transactions remained largely stable during the month. Transaction volume rose marginally to 249 million from 245 million in April, while transaction value slipped slightly to ₹2,451 crore from ₹2,499 crore.
Despite the flat growth, digital gold remained among the top 10 merchant categories by transaction volume, indicating sustained investor interest in micro-investment products.
