UPI Hits New Highs! PhonePe, G-Pay Dominate While Super.money Stuns

Image Source: Entrackr

PhonePe and Google Pay continued their dominance in India’s UPI ecosystem, reaching their highest transaction volumes in May 2025. Meanwhile, Super.money maintained its lead over CRED, solidifying its position as the fifthlargest UPI player.

Key Highlights:

PhonePe’s Surge: Processed 8.68 billion transactions, capturing 46.47% of total UPI volume and ₹12.56 lakh crore in value.
Google Pay’s Growth: Recorded 6.74 billion transactions, holding 36.09% of volume share and ₹8.85 lakh crore in value.
Super.money vs. CRED: Super.money processed 203 million transactions, surpassing CRED’s 141.95 million, maintaining its fifthplace ranking.
UPI Market Overview: Total UPI transactions hit 18.67 billion, amounting to ₹25.14 lakh crore, with peertopeer (P2P) transfers making up 72% of the total value.

Paytm retained its thirdplace position, handling 1.27 billion transactions worth ₹1.38 lakh crore, though its users primarily engaged in lowticket payments. CRED, despite lower transaction volume, remained a key player in highvalue transactions, processing ₹55,242 crore.

With UPI adoption soaring, fintech players are battling for market share. The Finance Ministry recently clarified that no MDR fees will be imposed on UPI payments, further shaping the digital payments landscape.

Source: Entrackr, Elets BFSI News, The Hindu BusinessLine