By Akash Sinha Co-founder & CEO, Cashfree Payments
“May’s numbers reflect strong organic demand. Summer travel, IPL 2026, and seasonal consumption spending drove 23.20 billion transactions worth ₹29.90 lakh crore, which is a healthy month-on-month recovery and a continuation of UPI‘s steady upward trajectory.
The more meaningful story is structural. The RBI’s Payments Systems Report shows UPI‘s average ticket size has declined from ₹1,848 in 2021 to ₹1,313 in 2025. This is not a concern, it is a sign of a maturing ecosystem. High-value transactions are increasingly being handled by credit cards, whose transaction value has grown from ₹8.9 lakh crore in 2021 to ₹23.2 lakh crore in 2025. UPI, meanwhile, has become the default rails for India’s everyday economy which include payments to local merchants, transit, and quick commerce. Each instrument is finding its natural place in the stack.
The next growth frontier will be additive to all of this. Credit-on-UPI is still in early innings and represents a significant new volume pool. Cross-border UPI is live in over eight countries and expanding, bringing a whole new transaction category onto the rails. The foundation that the last decade built is now the platform for the next one.”