5 Biggest UPI apps in India right now; what’s behind the slow growth and why it is not a worry sign

PhonePe and Google Pay maintained their dominance in the Unified Payments Interface (UPI) ecosystem in May, capturing significant market shares in both transaction volume and value, as per data from the National Payments Corporation of India (NPCI), as reported by Economic Times. PhonePe, gearing up for a listing on the Indian stock market, reportedly captured nearly half the UPI market last month, processing Rs 12.56 lakh crore across 8.7 billion transactions, representing 50% of the total UPI value and 47% of the volume.

Google Pay, the second-largest UPI platform, handled 6.7 billion transactions worth Rs 8.85 lakh crore, accounting for 37% of the volume and over 35% of the value in May, per NPCI data cited by the Economic Times.