The UPI (Unified Payments Interface) landscape in India remained largely unchanged in May 2025, with PhonePe and Google Pay continuing their reign as the top two platforms by both transaction volume and value, according to the latest data released by the National Payments Corporation of India (NPCI).
PhonePe strengthened its position at the top with 8.68 billion transactions, commanding a 46.47% share of the total volume among major players. In terms of transaction value, it processed a staggering Rs 12.56 lakh crore, capturing 49.97% of the overall market.
This performance marked a new high for the platform, slightly surpassing its previous record of 8.64 billion transactions in March 2025.
Not far behind, Google Pay recorded 6.74 billion transactions amounting to Rs 8.85 lakh crore, translating to 36.09% of total transaction volume and 35.20% of value. Like PhonePe, this was also a record high for Google Pay, exceeding its March peak of 6.59 billion transactions.
Combined, the two apps facilitated over 80% of all consumer-initiated UPI transactions during the month.
In May 2025, the UPI network processed a total of 18.67 billion customer-initiated transactions worth Rs 25.14 lakh crore.
These figures underscore UPI's growing role as a mainstream digital payment method for both personal and business transactions.
Paytm secured the third spot with 1.27 billion transactions worth Rs 1.38 lakh crore. However, its relatively smaller share of the total value (5.49%) compared to its volume share (6.84%) suggests a user base that primarily conducts low-value, high-frequency transactions.
Despite ranking lower in transaction volume, CRED stood out for its high-value dealings. The app processed 141.95 million transactions—only 0.76% of total volume—but achieved a value of Rs 55,242.72 crore, securing 2.20% of the market share by value.
This positions CRED as a go-to platform for premium or high-ticket transactions, despite its niche user base.
Emerging Players and Rankings
Several other UPI apps made notable contributions:
Super.money, which overtook CRED in February to become the fifth-largest UPI app, has managed to retain that position consistently.
In a significant development for the digital payments industry, the Finance Ministry reiterated that there are currently no plans to levy a Merchant Discount Rate (MDR) on UPI transactions. This decision delays monetisation opportunities for payment firms but supports continued adoption and accessibility for consumers and merchants alike.
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Published on: Jun 16, 2025, 10:58 AM IST
Sachin Gupta
Sachin Gupta is a Content Writer with 6+ years of experience in the stock market, including global markets like the US, Canada, and Australia. At Angel One, Sachin specialises in creating financial content that simplifies complex market trends. Sachin holds a Master's in Commerce, specialising in Economics.
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