UPI Transactions Dip in June 2025

UPI transactions experienced a slight decline in June 2025, following an all-time high in May. Recent data from the National Payments Corporation of India (NPCI) reveals that the Unified Payments Interface processed 18.40 billion transactions valued at Rs 24.04 lakh crore in June. This represents a decrease from May’s 18.68 billion transactions worth Rs 25.14 lakh crore.

Monthly Changes in UPI Transactions

The month-on-month (MoM) analysis indicates a dip of approximately 1.5% in volume and 4.4% in value. Year-on-year (YoY), June saw an impressive growth of 32% in transaction volumes, while the value increased by 20%.

Daily Transaction Averages

In June, the average daily transaction count was 613 million, a slight increase from May’s 602 million. However, the average daily transaction value saw a minor decrease, standing at Rs 80,131 crore compared to Rs 81,106 crore in the previous month. The higher daily averages in June might be attributed to the fewer days available for transactions in that month relative to May.

Market Share of UPI Players

As of May, PhonePe continues to dominate the UPI market with a 46.47% share of total UPI transaction volume. Google Pay follows as the second-largest player, holding a 36.09% market share, while Paytm ranks third with a 6.84% share.

Emerging Players in UPI

New entrants such as Navi, Flipkart’s super.money, and Fampay by Trio are also contributing significantly to the overall UPI transaction growth.

International Reach of UPI

Beyond India, UPI is operational in several countries including Bhutan, Nepal, Mauritius, Sri Lanka, Singapore, France, Oman, and the UAE. Reports indicate that NPCI is working towards extending UPI services to additional regions, notably Qatar, Thailand, Malaysia, and other Southeast Asian countries. The UK, Oman, and Maldives have also shown interest in UPI integration and are in early discussions.