PhonePe, GPay, Paytm hit record UPI volumes in May; digital gold flatlines at Rs 2,451 crore
UPI clocked 23.2 billion transactions worth Rs 29.9 lakh crore in May 2025. PhonePe led with 10.73 billion (46.3% share), GPay 7.60 billion (32.8%) and Paytm 1.84 billion (7.9%). Groceries topped merchant categories at 3.87 billion transactions, while digital gold purchases stayed flat at 249 million txns / Rs 2,451 crore.
What happened
UPI hit 23.2 billion transactions worth Rs 29.9 lakh crore in May, with PhonePe, GPay and Paytm posting record volumes. Groceries led merchant categories at
Key facts
- 23.2 billion UPI transactions
- Rs 29.90 lakh crore value
- PhonePe 10.73 billion (46.3% volume)
- GPay 7.60 billion (32.8%)
- Paytm 1.84 billion (7.9%)
- Groceries 3.87 billion txns
- Digital gold 249 million txns / Rs 2,451 crore
Why this matters
The widening gap between PhonePe/GPay and Paytm plus stagnant digital gold (Rs 2,451 cr) creates acquisition opportunities in sub-scale UPI-adjacent assets and consolidation plays in the long tail.