UPI Records Record Transactions of Rs 29.9 Lakh Crore in May, Driven by IPL and Summer Travel

Record-Breaking UPI Transactions in May

The National Payments Corporation of India (NPCI) has released data showing a record high in Unified Payments Interface (UPI) transactions in May. The total value of transactions through UPI reached Rs 29.90 lakh crore, while the volume of transactions reached a new high of 23.2 billion.

Compared to the same month last year, the value of transactions saw a significant growth of 19% year-on-year, reaching Rs 29.03 lakh crore in April from Rs 25.14 lakh crore. In volume terms, the growth was even more impressive, with a 24% increase year-on-year, reaching 23.2 billion transactions in May from 18.67 billion in the corresponding period.

A comparison of the UPI transaction volume for the same month in previous years shows a steady increase:

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The growth in UPI transactions can be attributed to various factors, including summer travel and the Indian Premier League (IPL) 2026, which drove consumer spending. Akash Sinha, co-founder and CEO of Cashfree Payments, noted that May's numbers reflect strong organic demand, indicating a healthy month-on-month recovery.

The RBI's Payments Systems Report shows that the average ticket size of UPI transactions has declined from Rs 1,848 in 2021 to Rs 1,313 in 2025. However, Sinha sees this as a sign of a maturing ecosystem, rather than a cause for concern. He also highlighted the potential for future growth through credit-on-UPI and cross-border UPI transactions, which are live in over eight countries and expanding.

NPCI, an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association, is an umbrella organisation for operating retail payments and settlement systems in India. It runs the UPI, which enables real-time payments between peers or at merchants' end while making purchases. UPI is already live in seven countries, including the UAE, Singapore, Bhutan, Nepal, and Mauritius.

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