Unified Payments Interface (UPI) crossed the 23 billion monthly transaction mark for the first time in May 2026, setting a new record for India's real-time payments network.
According to data released by the National Payments Corporation of India (NPCI), UPI processed 23.2 billion transactions worth Rs 29.90 lakh crore during the month.
The milestone follows April's 22.35 billion transactions worth Rs 29.03 lakh crore.
On a month-on-month basis, transaction volume rose 3.8%, while transaction value increased 3.4%.
PhonePe accounted for around 46.2% of total UPI transaction volume in April and 49.3% of transaction value.
Unified Payments Interface (UPI) crossed the 23 billion monthly transaction mark for the first time in May 2026, setting a new record for India's real-time payments network.
According to data released by the National Payments Corporation of India (NPCI), UPI processed 23.2 billion transactions worth Rs 29.90 lakh crore during the month. On a daily basis, the platform handled nearly 748 million transactions, while average daily transaction value stood at around Rs 96,465 crore.
The milestone follows April's 22.35 billion transactions worth Rs 29.03 lakh crore. On a month-on-month basis, transaction volume rose 3.8%, while transaction value increased 3.4%.
UPI processed 20.39 billion transactions in February, 22.64 billion in March, 22.35 billion in April, and 23.2 billion in May, underscoring continued adoption across peer-to-peer and merchant payments.
PhonePe accounted for around 46.2% of total UPI transaction volume in April and 49.3% of transaction value. Google Pay retained the second position with 33%, while Paytm remained the third-largest UPI player wih 8% market share. NPCI is yet to publish the market share breakup for May.
The dominance of top players has also triggered concerns among smaller apps. Companies such as Amazon Pay, Cred, Navi, MobiKwik, super.money and others recently met NPCI to discuss measures aimed at creating a more level playing field in the UPI ecosystem. However, no major regulatory changes or outcomes from the discussions have been announced so far.
