UPI Crosses 23 Bn Transactions In May, Up 3.8% MoM As Duopoly Concerns Loom
UPI clocked 23.2 Bn transactions worth ₹29.9 Lakh Cr in May 2026, up 3.8% MoM and 24% YoY in volume. PhonePe (47.07%) and Google Pay (33.54%) still command 80%+ share, with Paytm trailing at 8.10%. NPCI is weighing shared soundbox infra and a 30% market-share cap by December 2026.
UPI transactions rose 3.8% MoM to 23.2 Bn in May 2026, value up 3% to ₹29.9 Lakh Cr. PhonePe and Google Pay control 80%+ share. NPCI exploring shared soundbox infra and 30% market-share cap by Dec 2026.