Unified Payments Interface (UPI) Growth in May 2025

Unified Payments Interface (UPI) maintained its remarkable growth in May 2025, reaching 18.68 billion transactions. This represents a 4.4% month-on-month (MoM) increase from the 17.89 billion recorded in April. Furthermore, the transaction volume reveals a significant 33% year-on-year (YoY) rise.

Transaction Value and Volume Insights

Data from the National Payments Corporation of India (NPCI) highlighted that the total transaction value for May was Rs 25.14 lakh crore, showing a rise from Rs 23.95 lakh crore in April. This also indicates a 5% MoM increase and a 23% growth on a YoY basis.

Daily Averages Showcase Continued Growth

The daily average transaction volume in May climbed to 602 million, compared to 596 million in April. The daily average transaction value reached Rs 81,106 crore, an increase from Rs 79,831 crore the previous month.

Comparative Analysis of Recent Months

In March, UPI managed 18.30 billion transactions valued at Rs 24.77 lakh crore, signifying that May’s figures have eclipsed those of both preceding months in terms of both volume and value.

Leading Players in the UPI Space

As of April, PhonePe emerged as the market leader among UPI apps, followed by Google Pay, Paytm, Navi, and Super.money. PhonePe commanded a dominant 46.73% share of total UPI transactions, processing 8.36 billion transactions. Google Pay held a 36% share, managing 6.48 billion transactions. Together, these two platforms represented nearly 83% of the entire UPI transaction volume.

Emerging Trends in UPI Apps

Recently, the gold-saving app Jar made its entry into the consumer payments sector with a new UPI app, collaborating with Unity Small Finance Bank as its Payment Service Provider. This development was exclusively reported by Startup Superb on May 29.