PhonePe remained the market leader with around 10.73 billion transactions during the month, while Google Pay processed about 7.59 billion transactions.
Together, the two platforms accounted for roughly 79% of total UPI transaction volumes in May, based on NPCI’s monthly app-wise transaction statistics.
Overall, the UPI network processed a record 23.20 billion transactions worth ₹29.90 lakh crore in May 2026. Transaction volumes increased 24% from 18.67 billion in May 2025, while transaction value rose 19% from ₹25.14 lakh crore a year earlier, according to NPCI data.ALSO READ | From France to Cambodia: You can use UPI while travelling to these countries
According to a Moneycontrol analysis of NPCI data, the combined share of PhonePe and Google Pay fell below 80% for the first time since NPCI began publishing app-level UPI statistics.
Despite the decline in combined market share, the two platforms continue to dominate India’s digital payments ecosystem, accounting for nearly four out of every five UPI transactions. PhonePe’s share stood at about 46%, while Google Pay accounted for around 33% of transaction volumes in May.
Paytm remained the third-largest UPI application by transaction volume, while other players such as Navi, super.money, BHIM and WhatsApp Pay accounted for a smaller share of transactions on the network.
NPCI, an initiative backed by the Reserve Bank of India and the Indian Banks’ Association, operates India’s retail payments infrastructure, including UPI, which enables instant peer-to-peer and merchant payments.
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