Just 4% of UPI Merchant Transactions Exceed Rs 2,000, Yet Drive 66% of Value

In FY26, UPI recorded over 24,162 crore transactions in total, with approximately 63 percent falling under the Person-to-Merchant (P2M) category. Despite making up only 4 percent of all merchant transactions, payments exceeding Rs 2,000 account for nearly two-thirds of the total transaction value. This highlights a significant concentration of monetary value in a small share of high-value UPI payments. The data underscores how a relatively tiny volume of large transactions disproportionately drives the overall financial weight of UPI's merchant payment ecosystem.
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