UPI processes Rs 29.9 lakh crore in May; transaction volumes hit 23.2 billion - The Economic Times

UPI processes Rs 29.9 lakh crore in May; transaction volumes hit 23.2 billion - The Economic Times

UPI processed Rs 29.9 lakh crore in May 2026 (+19% YoY, +3% MoM) across 23.2 billion transactions, with PhonePe and Google Pay controlling over 80% of market share. The pending 30% TPAP market cap (delayed to December) signals incoming regulatory pressure on dominant players, with direct implications for fintech stack partnerships and payment gateway vendor selection.