UPI clears 23.2 Bn transactions in May, up 3.8% MoM as PhonePe-GPay duopoly tightens

UPI volume hit 23.2 Bn in May 2026 (+3.8% MoM, +24% YoY) with value at ₹29.9 Lakh Cr. PhonePe holds 47.07% and Google Pay 33.54%, leaving Paytm at 8.10%. NPCI is reviving the 30% market share cap deadline to Dec 2026 and planning shared soundbox infrastructure for merchants.

— Filed Mon, 1 Jun, 2026, 13:33 IST · Source Inc42 · Updated

UPI transactions rose 3.8% MoM to 23.2 Bn in May 2026, value at ₹29.9 Lakh Cr. PhonePe (47%) and Google Pay (33.5%) dominate. NPCI plans shared soundbox infrastructure and revisits 30% market share cap by Dec 2026.

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