Results · Financial Services

PhonePe hits record UPI transactions in May 2026

By Startup Enthusiast · 15 June 2026

What they do

PhonePe is a digital payments and financial services platform offering UPI, investments, insurance, and lending

It processed 10.73 billion UPI transactions in May 2026, its highest ever monthly volume, holding 46.3% of volume share

PhonePe and Google Pay together accounted for nearly 79% of UPI transaction volume and 82.6% of value

PhonePe processed 10.73 billion UPI transactions in May 2026.
It held 46.3% of total UPI transaction volume and 49.1% of transaction value.
PhonePe's UPI transaction value in May 2026 was Rs 14.67 lakh crore.
Total UPI transactions in May 2026 were 23.2 billion, up from 22.35 billion in April 2026.
Total UPI transaction value in May 2026 was Rs 29.90 lakh crore.
PhonePe and Google Pay together accounted for nearly 79% of UPI volume and 82.6% of value.
Groceries and supermarkets led UPI spending with 3.87 billion transactions in May 2026.

PhonePe's record volume shows its continued dominance in India's UPI market.
The combined share of PhonePe and Google Pay highlights a duopoly in UPI payments.
UPI overall grew from April to May 2026, indicating rising digital payment adoption.

PhonePe offers UPI payments, investments (mutual funds, gold, silver, NPS, recurring deposits), insurance, lending, travel booking, and bill payments.
It provides merchant solutions including offline payments, POS, online payment gateway, payment links, merchant lending, and PhonePe Ads.
PhonePe offers co-branded credit cards (SBI Card, HDFC Bank), Wish Credit Card, and NRI payments.
It has a data analytics platform called PhonePe Pulse.
PhonePe International allows UPI payments in Singapore, UAE, Nepal, Sri Lanka, Bhutan, and Mauritius.
PhonePe claims one in three Indians uses the PhonePe app.