An all‑time high in UPI usage
- In May 2025, PhonePe and Google Pay reached record monthly transaction volumes and values, together commanding over 80% market share
PhonePe takes the lead
- PhonePe processed around 8.7 billion transactions, accounting for 46–47% of volume and roughly 50% of total value (~₹12.56 lakh crore)
Google Pay secures second place
- Google Pay reported about 6.7 billion transactions, capturing approximately 36% of volume and 35% of turnover value (~₹8.85 lakh crore)
Super.money climbs ahead of CRED
- Among smaller fintech players, Flipkart-backed Super.money retained its position in May, ranking fifth by volume—surpassing CRED
Market maturity signs, not saturation
- While UPI is nearing saturation, monthly volumes continue to rise—May recorded nearly 18.7 billion transactions worth ₹25.1 lakh crore, up from April