UPI hits record ₹29.9 lakh cr in May on 23.2 bn transactions, ticket size keeps shrinking
UPI clocked a record ₹29.9 lakh crore across 23.2 billion transactions in May, up 19% in value and 24% in volume YoY, lifted by summer travel and IPL spending. Average ticket size has fallen to ₹1,313 from ₹1,848 in 2021, as Credit-on-UPI and cross-border rails emerge as the next growth levers for Indian retail.
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 as Credit-on-UPI and cross-border UPI emerge as next growth frontiers for Indian retail payments.
Why this matters
May extends UPI's record-breaking run as ticket sizes keep shrinking, signalling deeper everyday use. PhonePe still leads with 46.2% share, even as UPI crossed 200B cumulative transactions while cash in circulation rose 11.4% in FY26.
Omni-channel remains steady with 161 signals in the last 90 days as UPI cements rails across online and offline retail.