<ul data-eligibleForWebStory="true"><li>PhonePe and Google Pay maintained dominance in the UPI ecosystem in May, as per NPCI data.</li><li>PhonePe captured 50% of the UPI market with transactions worth Rs 12.56 lakh crore.</li><li>Google Pay ranked second, handling over 6.7 billion transactions valuing Rs 8.85 lakh crore.</li><li>Paytm secured the third spot with 1.27 billion UPI transactions worth Rs 1.38 lakh crore.</li><li>Navi and super.money emerged as the fourth and fifth largest UPI apps after Paytm.</li><li>PhonePe garners 95% of its revenue from digital payments, with UPI payments being a core component.</li><li>UPI witnessed growth in May with 18.68 billion transactions totaling Rs 25.14 lakh crore.</li><li>The proliferation of UPI has slowed down as the platform nears saturation.</li><li>There were disruptions in UPI platform monetization plans due to uncertainties around MDR reinstatement.</li></ul>

IPO-bound PhonePe, Google Pay maintain UPI ecosystem dominance in May

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