International Journal For Multidisciplinary Research

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An Evaluation of Volume and Value of UPI Transactions across Merchant Category Codes: A Comparative Analysis of Q1 2025 and Q1 2026

Author(s) Dr Kongalappa H. S., Arpitha K
Country India
Abstract Abstract
The Unified Payments Interface (UPI) has emerged as the backbone of India's digital payment ecosystem, transforming the manner in which consumers transact with merchants across the country. This study evaluates the volume and value of UPI transactions across Merchant Category Codes (MCCs) during Q1 (January–March) of 2025 and Q1 of 2026, using secondary data sourced from the National Payments Corporation of India (NPCI). The analysis employs percentage growth analysis, comparative analysis, and trend examination across 29 active MCC segments classified into High, Medium, and Other transacting categories. Findings reveal that the total UPI transaction volume grew by 32.7%, from 30,580.21 million in Q1 2025 to 40,584.34 million in Q1 2026, while the total transaction value expanded by 37.2%, from ₹18,24,871.58 crore to ₹25,03,724.82 crore. Groceries and Supermarkets (MCC 5411) consistently dominated by volume, recording the highest growth of 47.3%, while Service Stations and Utilities demonstrated strong value growth. The study identifies sector-specific trends, highlights the dominance of food, fuel, and telecom merchants, and provides actionable insights for policymakers, financial institutions, and fintech stakeholders seeking to deepen UPI's merchant adoption in India.
Keywords Keywords: UPI, Merchant Category Codes, Digital Payments, NPCI, FinTech, Transaction Volume, Transaction Value, Financial Inclusion, India
Field Mathematics > Economy / Commerce
Published In Volume 8, Issue 3, May-June 2026
Published On 2026-05-27
DOI https://doi.org/10.36948/ijfmr.2026.v08i03.79626
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