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According to the latest UPI data from the National Payments Corporation of India (NPCI), the peer-to-merchant (P2M) UPI transactions saw 119 per cent growth in February 2023 to 415.32 crore from 189.58 crores in February 2022. The value of transactions also increased by 71.1 per cent from Rs 1.63 lakh crore in February 2022 to Rs 2.79 lakh crore in February 2023. P2M transactions had a 55.12 per cent share in total UPI volume of 753.4 crore transactions in February compared to 338.1 crore peer-to-peer (P2P) transactions with a 44.8 per cent share.
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