India, June 12 -- Continuing the duopoly, PhonePe and Google Pay accounted for nearly 85% of the Unified Payment Interface (UPI) market share in May.

Walmart-backed PhonePe recorded 868.20 Cr transactions worth INR 12.56 Lakh Cr last month. The value of these transactions jumped 4.2% from INR 12.05 Lakh Cr in April.

On the other hand, Google Pay's UPI transaction volume increased 4% month-on-month (MoM) to 674.04 Cr in the month under review, from 648 Cr in April.

As per the data released by the National Payments Corporation of India (NPCI) earlier this month, UPI transaction count grew 4.4% to 18.68 Bn in May from 17.89 Bn in April, touching a fresh all-time high.

The value of these transactions also surged 5% MoM to INR 25.14 Lakh C...