During this month, PhonePe maintained its position as the market leader with approximately 10.73 billion transactions, while Google Pay handled around 7.59 billion transactions.
Together, these two platforms accounted for about 79% of all UPI transaction volumes in May, based on NPCI’s monthly statistics on app-level transactions.
The UPI network as a whole processed a historic 23.20 billion transactions totaling ₹29.90 lakh crore in May 2026. This marked a 24% increase in transaction volumes from 18.67 billion in May 2025, with transaction value rising by 19% compared to ₹25.14 lakh crore the previous year, according to NPCI data.ALSO READ | From France to Cambodia: You can use UPI while travelling to these countries
A Moneycontrol analysis of NPCI data revealed that the combined market share of PhonePe and Google Pay fell below 80% for the first time since the NPCI started releasing app-level UPI statistics.
Even with this decrease in market share, both platforms continue to lead India’s digital payments landscape, facilitating nearly four out of five UPI transactions. PhonePe held about 46% of the market share, whereas Google Pay represented around 33% of transaction volumes in May.
Paytm remained the third-largest UPI app by transaction volume, while other players like Navi, super.money, BHIM, and WhatsApp Pay constituted a smaller portion of the network’s transactions.
NPCI, supported by the Reserve Bank of India and the Indian Banks’ Association, manages India’s retail payments framework, including UPI, which facilitates instant peer-to-peer and merchant payments.
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