PhonePe, Google Pay slip marginally in May UPI share as WhatsApp, MobiKwik double share to 4.3%
PhonePe held 46.5% share with 1,073.5 Cr transactions worth ₹14.67 Lakh Cr; Google Pay at 32.9% (759.8 Cr) and Paytm at 7.9% (183.6 Cr, ₹1.99 Lakh Cr). Smaller players cumulatively hit 4.3%. NPCI extended the 30% market share cap deadline to December 2026 and is enabling India-Malaysia cross-border QR payments.
What happened
PhonePe, Google Pay and Paytm saw marginal UPI market share dips in May while smaller players like WhatsApp and MobiKwik nearly doubled cumulative share to
Key facts
- 1,073.5 Cr transactions
- ₹14.67 Lakh Cr
- 46.5% share
- 759.8 Cr transactions
- 32.9% share
- 183.6 Cr transactions
- ₹1.99 Lakh Cr
- 7.9% share
- 4.3% smaller players
- 30% cap proposal
- 29 Lakh DuitNow QR
Why this matters
WhatsApp and MobiKwik's share doubling alongside the extended 30% cap deadline reframes M&A targets toward sub-scale UPI apps that can absorb forced share redistribution by 2026.
Also reported by
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