PhonePe and Google Pay firmly holding their positions as the top two UPI apps in May 2025. According to NPCI (National Payments Corporation of India), both platforms hit record highs in transaction volumes and values this month.
UPI Dominance in Numbers
-
PhonePe led the UPI space with 8.68 billion transactions, commanding a 46.47% share of the total volume.
-
It also processed transactions worth Rs 12.56 lakh crore, accounting for 49.97% of UPI’s total value.
-
Google Pay followed with:
-
6.74 billion transactions (36.09% share)
-
Rs 8.85 lakh crore in value (35.20% share)
-
Together, the two apps processed over 80% of all customer-initiated UPI payments in the country.
UPI Overview – May 2025
-
Total UPI transactions: 18.67 billion
-
Total transaction value: Rs 25.14 lakh crore
-
P2P (peer-to-peer):
-
6.82 billion transactions, Rs 18.17 lakh crore
-
-
P2M (peer-to-merchant):
-
11.85 billion transactions, Rs 6.96 lakh crore
-
Other Key Players
-
Paytm remained third with 1.27 billion transactions and Rs 1.38 lakh crore in value.
-
Indicates dominance in low-ticket, high-frequency payments.
-
-
CRED stood out with:
-
141.95 million transactions (0.76% volume share)
-
Rs 55,242 crore in value (2.20% value share), pointing to a high-value user base
-
Emerging Challengers
-
Navi: 386.21 million transactions
-
Super.money (Flipkart): 203 million
-
Has consistently outpaced CRED since February
-
-
Others:
-
Fampay: 110.38 million
-
Amazon Pay: 98.68 million
-
WhatsApp Pay: 70.19 million
-
Axis Bank apps: 96.92 million
-
New Entrant
-
Jar, a gold-savings app, has launched its UPI app in partnership with Unity Small Finance Bank, marking its entry into the digital payments space.
Policy Relief
In a key update, the Finance Ministry confirmed that there are no plans to impose MDR (Merchant Discount Rate) on UPI transactions — a significant win for fintech startups exploring monetisation models.
Innovent Blog is your source for startup trends and fintech updates. Follow us for more insights on how India’s digital infrastructure is reshaping entrepreneurship