India UPI P2P vs P2M Transactions (Volume & Value)

Monthly UPI transaction volume (million) and value (₹ crore) split between Person-to-Person (P2P) and Person-to-Merchant (P2M) payments from April 2020. Data from NPCI UPI Ecosystem Statistics.

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  • Source: National Payments Corporation of India
LATEST VALUE (Jun 2026)8,60,997.14₹ crore
MAX VALUE21,17,966.16₹ crore in May 2026
GROWTH SINCE START156345.4%Apr 2020 to Jun 2026
YEARS OF DATA6 YearsApr 2020 to Jun 2026
TOTAL DATA POINTS300Monthly Observations

Updated Jan 31, 2026

Apr 2020
550.35 ₹ crore
Jun 2026
8,60,997.14 ₹ crore
Formula
Formula
Value = As reported by the official source.

This dataset represents reported values over time. Growth patterns should be interpreted using the chart and filters, not CAGR.

Source
Source
National Payments Corporation of India
How to explore
How to explore
  • Use custom date filters to explore different periods.
  • Track short-term spikes or declines using MoM changes.
  • Compare early vs recent values to understand scale changes.

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P2M Transaction Value

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