UPI hits record 23.2B transactions worth ₹29.9 trillion in May on summer travel, IPL spend
May UPI volumes rose 4% MoM to 23.20 billion transactions; value climbed 3% to ₹29.90 trillion. Daily run-rate hit 748 million transactions and ₹96,465 crore. PhonePe holds 46.2% volume share, Google Pay 33%, Paytm 8%. Average ticket size has shrunk to ₹1,313 from ₹1,848 in 2021 as UPI penetrates everyday and quick-commerce spend.
UPI hit record 23.20 billion transactions worth ₹29.90 trillion in May, up 4% and 3% MoM, driven by summer travel and IPL spending. PhonePe leads with 46.2% volume share; UPI now dominates everyday payments including quick commerce.
Why this matters
UPI now accounts for 86% of India's retail payments, with May volumes up 19% YoY. Shrinking ticket size signals deepening use in everyday and quick-commerce transactions, not just large purchases.
Omni-channel signals steady at 171 in the last 90 days, reflecting sustained payment-rail integration.
Also reported by
- The Hindu BusinessLine — Same time