Fintech

P2P payments continue to dominate UPI with 60% share

Pratik Bhakta

April 01, 2022 | 3 Min Read

The Crux newsletter this week. Transactions of $100 billion are now consistently processed on UPI every month, a significant step-up for a system that was launched six years ago. But merchant payments still have some catching up to do

Transactions have been growing on the Unified Payments Interface for some time now as more businesses and consumers go cashless. The system, launched about six years ago, has crossed an important point in its journey: the value of funds processed in a month is now consistently $100 billion.

The split: But UPI remains tilted towards one mode. Nearly 60% of the transactions are person-to-person ones and the rest merchant, according to the data shared by the National Payments Corporation of India, which manages UPI.

The value of merchant payments is currently 25% lower than that of P2P ones.

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