Unified Payments Interface (UPI) reached a new high of 23 billion monthly transactions in May 2026, establishing a significant benchmark for India’s real-time payments framework. Data released by the National Payments Corporation of India (NPCI) revealed that UPI facilitated 23.2 billion transactions valued at Rs 29.90 lakh crore during this month. On an average day, the platform managed nearly 748 million transactions, while the average daily transaction value was approximately Rs 96,465 crore.
This achievement follows April’s statistics of 22.35 billion transactions amounting to Rs 29.03 lakh crore. Comparing month-on-month figures, transaction volume increased by 3.8%, and transaction value saw a rise of 3.4%. UPI processed 20.39 billion transactions in February, followed by 22.64 billion in March, 22.35 billion in April, and 23.2 billion in May, highlighting a sustained uptake in both peer-to-peer and merchant payments.
Market Share Distribution Among UPI Players
PhonePe captured approximately 46.2% of the total UPI transaction volume in April and 49.3% of the transaction value. Google Pay retained the second position with a market share of 33%, while Paytm held the third spot with an 8% share. The NPCI has not yet released the market share details for May.
Concerns Among Smaller Players
The strong presence of the leading players has raised concerns for smaller applications. Companies like Amazon Pay, Cred, Navi, MobiKwik, super.money, and others have recently engaged with NPCI to explore initiatives aimed at fostering a more equitable environment within the UPI ecosystem. Nonetheless, no significant regulatory updates or conclusions from these discussions have been disclosed as yet.