UPI: P2M transactions up 138% in Nov with 53% share in total volume | The Financial Express

UPI: P2M transactions up 138% in Nov with 53% share in total volume

Credit and finance for MSMEs: Among categories which recorded high volumes of approved UPI transactions in November, according to the NPCI data, were groceries and supermarkets, eating places and restaurants, games, department stores, pharmacies, etc.

UPI: P2M transactions up 138% in Nov with 53% share in total volume
In terms of value, P2M transactions were limited to 22.5 per cent share only in total UPI transaction value in November.

Credit and finance for MSMEs: The peer-to-merchant (P2M) UPI transactions recorded 138 per cent growth in November to 390.7 crores from 163.8 crores in November 2021, showed latest UPI data from National Payments Corporation of India (NPCI). The value of transactions also saw a 79 per cent growth from Rs 1.50 lakh crore in November last year to Rs 2.69 lakh crore last month.

P2M transactions had a 53.4 per cent share in total UPI volume of 730.9 crore transactions in November while peer-to-peer (P2P) had a 46.5 per cent share with the remaining 340.1 crore transactions. However, in terms of value, P2M transactions were limited to 22.5 per cent share only in comparison to 77.41 per cent share of P2P transactions in the overall value of Rs 11.90 lakh crore in November. 

Among categories which recorded high volumes of approved UPI transactions in November, according to the NPCI data, were groceries and supermarkets, eating places and restaurants, games, department stores, pharmacies, etc., while bakeries, debt collection agencies, dairies, speciality retail outlets, wallet top ups, etc., were medium transaction categories. Electronic shops, brokers and dealers, tolls and bridge fees, cable and other pay television services were other categories with lesser volume than high and medium categories. 

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As UPI transactions continue to grow, the NPCI in November this year had proposed a 30 per cent cap on market share in transaction volume to limit any particular payments app from processing more than 30 per cent of all UPI transactions in a month. The deadline for apps to comply with this was December 31, 2022.  

However, the NPCI in a circular on December 2 extended the deadline by two years to December 31, 2024, for existing players exceeding the 30 per cent cap to comply with the guideline. According to the October data, PhonePe had a 47 per cent share in volume while Google Pay had 34 per cent and Paytm had a 15 per cent share. 

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First published on: 04-12-2022 at 04:40:00 pm
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