P2M transactions to make 75% of all UPI transactions by 2025: Report

Driven by zero transaction fees and depth of acceptance, person-to-merchant (P2M) transactions in India are expected to account for 75 per cent of all United Payments Interface (UPI) transactions by 2025, a report released on Tuesday showed, citing data from the National Payments Corporation of India (NPCI). Currently, P2M accounts for a share of 56.1 per cent of all UPI transactions.

According to the “India Digital Payments Report for H1 2023” released by global payments service provider Worldline, the number of UPI transactions in India rose 62 per cent in the first six months of 2023 compared to the same period last year. This has been largely driven by P2M transactions.