UPI hits record ₹29.9 lakh cr in May as IPL, summer travel lift retail spend
23.2 billion transactions clocked in May, up 24% YoY in volume and 19% in value. Average ticket size slipped to ₹1,313, signaling deeper merchant penetration into everyday retail. Credit-on-UPI and cross-border acceptance across 7 countries emerge as next growth pools.
What happened
UPI hit a record ₹29.9 lakh crore across 23.2 billion transactions in May, driven by summer travel and IPL spending. Average ticket size is shrinking, signaling
Key facts
- ₹29.9 lakh crore
- 23.2 billion transactions
- 19% YoY value growth
- 24% YoY volume growth
- avg ticket ₹1,313
- 7 foreign countries
Why this matters
The widening merchant penetration plus emerging credit-on-UPI and 7-country cross-border rails create acquisition windows in lending overlays, FX-linked PSPs, and SMB-focused acceptance platforms riding UPI's distribution.