UPI Transactions in India: PhonePe and Google Pay Maintain Dominance

PhonePe and Google Pay have continued to lead the UPI ecosystem in May 2025, holding the top two positions for both transaction volume and value. According to the latest data from NPCI, PhonePe maintained its top spot with an impressive 8.68 billion transactions during May, representing a 46.47% share of the total volume among leading players. The app processed transactions worth Rs 12.56 lakh crore, accounting for a 49.97% share in terms of value. Google Pay followed closely with 6.74 billion transactions, amounting to Rs 8.85 lakh crore in value, securing 36.09% and 35.20% shares of volume and value, respectively.

Transaction Volumes in May 2025

For both PhonePe and Google Pay, May marked their highest transaction volumes since earlier peaks of 8.64 billion and 6.59 billion, respectively, recorded in March. Collectively, these applications facilitated over 80% of all customer-initiated UPI transactions in India.

UPI Transaction Overview

In May, UPI witnessed a total of 18.67 billion customer-initiated transactions, amounting to Rs 25.14 lakh crore. Of these transactions, 6.82 billion (36%) valued at Rs 18.17 lakh crore (72%) were peer-to-peer (P2P), while the other 11.85 billion transactions, worth Rs 6.96 lakh crore, were peer-to-merchant (P2M).

Other Key Players in UPI Transactions

Paytm secured the third position, processing 1,277.56 million transactions and a value of Rs 1.38 lakh crore. However, its 6.84% share in transaction volume alongside a 5.49% share in value suggests that users primarily engage in low-ticket payments.

In contrast, CRED has distinguished itself with a noteworthy performance in high-value transactions. Despite accounting for only 141.95 million transactions (0.76% of the volume), CRED achieved a transaction value of Rs 55,242.72 crore, translating to a 2.20% share of the total transaction value.

Competitive Landscape

Regarding transaction volume, Navi and Flipkart’s Super.money surpassed CRED, registering 386.21 million and 203 million transactions, respectively. Furthermore, Axis Bank apps, which handled 96.92 million B2C transactions, captured the seventh position. Fampay by Trio (110.38 million), Amazon Pay (98.68 million), and WhatsApp (70.19 million) claimed the eighth, ninth, and tenth positions, respectively.

Notably, Super.money overtook CRED to become the fifth-largest UPI app in February and has maintained its lead over the fintech unicorn since then.

Meanwhile, the gold-saving app Jar made its entry into the consumer payments arena with a UPI app, developed in collaboration with Unity Small Finance Bank as the Payment Service Provider. Startup Superb exclusively reported this development on May 29.

In a recent announcement, the Finance Ministry clarified that there are currently no plans to impose MDR on UPI payments, further delaying payment firms’ attempts to monetise the platform.