The peer-to-merchant payments or P2M market in India was estimated to reach ** trillion India rupees by financial year 2025. This was an increase from about ** trillion in fiscal year 2019. Within this sector, Paytm and, PhonePe and Google Pay were key players during the measured time period. The country's digital payments industry as a whole was projected to be valued at over ** rupees by 2025.
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how ÌÇÐÄÆƽâ°æ can support your business.
HDFC Securities. (March 22, 2021). Peer-to-Merchant market value across India in financial year 2015 and 2020, with estimates until 2025 (in trillion Indian rupees) [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved July 28, 2026, from /statistics/1191221/india-value-of-p2m-payments-market/
HDFC Securities. "Peer-to-Merchant market value across India in financial year 2015 and 2020, with estimates until 2025 (in trillion Indian rupees)." Chart. March 22, 2021. ÌÇÐÄÆƽâ°æ. Accessed July 28, 2026. /statistics/1191221/india-value-of-p2m-payments-market/
HDFC Securities. (2021). Peer-to-Merchant market value across India in financial year 2015 and 2020, with estimates until 2025 (in trillion Indian rupees). ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: July 28, 2026. /statistics/1191221/india-value-of-p2m-payments-market/
HDFC Securities. "Peer-to-merchant Market Value across India in Financial Year 2015 and 2020, with Estimates until 2025 (in Trillion Indian Rupees)." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 22 Mar 2021, /statistics/1191221/india-value-of-p2m-payments-market/
HDFC Securities, Peer-to-Merchant market value across India in financial year 2015 and 2020, with estimates until 2025 (in trillion Indian rupees) ÌÇÐÄÆƽâ°æ, /statistics/1191221/india-value-of-p2m-payments-market/ (last visited July 28, 2026)
Peer-to-Merchant market value across India in financial year 2015 and 2020, with estimates until 2025 (in trillion Indian rupees) [Graph], HDFC Securities, March 22, 2021. [Online]. Available: /statistics/1191221/india-value-of-p2m-payments-market/
