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.
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 as
Key facts
- ₹29.90 lakh crore
- 23.2 billion transactions
- 19% YoY value growth
- 24% YoY volume growth
- average ticket size ₹1,313 in 2025 vs ₹1,848 in 2021
Why this matters
Window is open for tuck-in M&A across Credit-on-UPI origination, cross-border PA/PG licenses, and merchant analytics startups riding the 24% volume tailwind before incumbents consolidate.