PhonePe, GPay, Paytm hit record UPI volumes in May; digital gold demand stalls
UPI clocked 23.2 billion transactions worth Rs 29.9 lakh crore in May 2025. PhonePe led with 10.73 billion txns (46.3% share), followed by Google Pay at 32.8% and Paytm at 7.9%. Groceries topped merchant categories at 3.87 billion txns, while digital gold purchases stayed flat at 249 million txns worth Rs 2,451 crore.
What happened
UPI hit 23.2 billion transactions worth Rs 29.9 lakh crore in May. PhonePe (46.3%), Google Pay (32.8%) and Paytm (7.9%) led volumes. Groceries topped merchant
Key facts
- 10.73 billion transactions
- 46.3% volume share
- 49.1% value share
- Rs 14.67 lakh crore
- 23.2 billion total UPI txns
- Rs 29.90 lakh crore total value
- 7.60 billion GPay txns
- 1.84 billion Paytm txns
- 3.87 billion grocery txns
- 249 million digital gold txns
- Rs 2,451 crore gold value
Why this matters
Stagnant digital gold at Rs 2,451 crore creates a consolidation window to acquire sub-scale gold platforms, while UPI-led grocery volume (3.87B txns) points to bolt-on targets in quick-commerce payment integrations.