India UPI P2P vs P2M Transactions (Volume & Value)

About UPI P2P and P2M Transactions

IndiaGraphs separates UPI transactions into person-to-person (P2P) and person-to-merchant (P2M) categories, with both volume and value available for each. This distinction matters because sending money to another individual is economically different from paying a merchant for goods or services.

The four series make it possible to examine the changing composition of UPI activity. Transaction counts describe frequency; transaction values describe the amount transferred.

How to Read the Four Datasets

P2P volume counts transfers classified as person-to-person, while P2P value totals the money moved through those transfers. P2M volume and value describe payments classified as merchant transactions. A category can account for a large share of transactions without accounting for the same share of transferred value.

When comparing P2P and P2M, keep the reporting period and units identical. Do not compare a volume series directly with a monetary-value series.

Why Merchant Share Is Interesting

A growing P2M share of UPI volume may indicate that UPI is being used more frequently at the point of purchase, including for small-ticket payments. But classification rules, merchant onboarding and changes in reporting can also affect the observed split.

P2M value is not equivalent to retail sales or consumption spending: merchant payments may cover many types of activity, and consumer spending also takes place through cash, cards and other channels.

Average Ticket Size by Category

For each category, dividing transaction value by transaction volume gives an implied average transaction amount. Comparing the P2P and P2M averages can help explain why their shares of total volume and total value differ.

An average should not be mistaken for the median payment. Large transfers can materially affect the mean, especially in person-to-person activity.

Putting the Split in Context

The broader monthly UPI transaction dataset provides overall activity. The P2P–P2M split adds information about how that activity is distributed, but does not by itself measure unique users, merchant turnover or payment success.

Use the four tabs above to compare growth rates and category shares over consistent periods. Check for any reporting changes before interpreting abrupt shifts as behavioural change.

Dataset and Download Notes

This graph includes P2P Transaction Volume and P2M Transaction Volume and P2P Transaction Value and P2M Transaction Value. Use the tabs above to view the respective series and access available downloads. The graph shows historical reported observations; it does not forecast future outcomes.