After soaring to record highs in May, India’s real-time digital payments backbone—Unified Payments Interface (UPI)—saw a minor pullback in June. According to fresh data released by the National Payments Corporation of India (NPCI), the platform processed 18.40 billion transactions worth ₹24.04 lakh crore in June 2025, slightly down from 18.68 billion transactions worth ₹25.14 lakh crore recorded in May.
The decline translates to a month-on-month dip of 1.5% in volume and 4.4% in value. However, the bigger picture tells a more optimistic story—UPI transactions grew 32% in volume and 20% in value compared to the same period last year, underlining the platform’s long-term momentum.
Interestingly, daily usage remained resilient. The average number of daily transactions in June was 613 million, up from 602 million in May, while the average daily transaction value dipped slightly to ₹80,131 crore from ₹81,106 crore. The increase in daily averages is likely due to the shorter 30-day month of June.
Leaders and Newcomers in the UPI Race
Among UPI apps, PhonePe continues to lead the pack, commanding a 46.47% share of total UPI transactions as of May. Google Pay remains a strong second with a 36.09% share, while Paytm held 6.84%—securing the third spot.
Meanwhile, new players are quietly making their mark. Digital platforms like Navi, Flipkart’s super.money, and Fampay by Trio are steadily contributing to the growing UPI ecosystem, signaling increased competition and innovation in the space.
UPI’s Global Journey Gains Pace
While UPI’s domestic growth remains solid, its international footprint is also expanding. The platform is now live in Bhutan, Nepal, Mauritius, Sri Lanka, Singapore, France, Oman, and the UAE.
According to industry reports, NPCI is in talks to bring UPI to more countries, including Qatar, Thailand, and Malaysia. Additionally, the UK, Maldives, and Oman are showing early-stage interest or are already engaged in discussions to integrate the Indian payment system.
Looking Ahead
Though June saw a minor dip in overall transaction figures, experts suggest it’s a temporary breather following a high-growth spell. With average daily usage holding steady and cross-border ambitions gaining momentum, UPI remains firmly on track as a digital payments powerhouse—not just in India, but increasingly across the globe.
As India continues to lead the charge in fintech innovation, UPI’s evolution from a domestic payments tool to a globally recognized infrastructure reflects the confidence, scalability, and vision behind India’s digital public infrastructure.
by Bhumika Rawat, Section Editor
