Processed volume: TPV by channel and region
TPV, transactions and average transaction value.
By Surojit Chakraverti, founder of L3VLUP and an investor running a long-short healthcare and technology equities strategy.
On this subject: processed volume: tpv by channel and region.Updated 30 October 2026
Part of technology company financial models, with the models, labs and guides around it.
What it does
The base of a payments model. Total payment volume (TPV) is the value of the payments the company processes for merchants, built line by line for each channel (e-commerce, point of sale, platforms) in each region, because each has its own growth and its own price. Transactions are TPV over the average transaction value, and drive processing cost. TPV is not revenue: it is the merchants’ money, counted in billions, and the model keeps it as its own line so it is never mistaken for the company’s.
Where it lives
The same schedule in each model that carries it, with the rows to open. Open a model in the browser, go to the sheet, and click the lines.
- Assumptions, rows 23–38: E-commerce, Europe: TPV, FY0A, E-commerce, North America: TPV, FY0A, Point of sale, Europe: TPV, FY0A, Point of sale, North America: TPV, FY0A…
- Volume, rows 6–13: E-commerce, Europe: TPV, E-commerce, North America: TPV, Point of sale, Europe: TPV, Point of sale, North America: TPV…
- Volume, rows 16–23: E-commerce: TPV, Point of sale: TPV, Platforms: TPV, Europe: TPV…
- Volume, rows 26–33: E-commerce: average transaction value, Point of sale: average transaction value, Platforms: average transaction value, E-commerce: transactions…
- Reported, rows 6–10: Processed volume, Point-of-sale volume, Take rate, as Adyen states it, Full-time equivalents at the year end…
- Reported, rows 35–41: Net revenue, Europe, the Middle East and Africa, Net revenue, North America, Net revenue, Asia-Pacific, Net revenue, Latin America…
- Derived, rows 22–35: EMEA, % of net revenue, North America, % of net revenue, Asia-Pacific, % of net revenue, Latin America, % of net revenue…
- Derived, rows 51–73: Processed volume, H1 2025 (the year less H2), Processed volume growth, H1 2026 on H1 2025, Take rate, H1 2025, Take rate, H2 2025 (memo)…
- Forecast, rows 11–27: Processed volume growth, Q4 2026 on Q4 2025, base (editorial), Processed volume growth, Q4 2026, downside (editorial), Processed volume growth, Q4 2026, upside (editorial), Processed volume growth, Q4 2026, selected…
- Forecast, rows 30–53: Digital processed volume growth, base (editorial), Digital processed volume growth, downside (editorial), Digital processed volume growth, upside (editorial), Digital processed volume growth, selected…
- P&L & Cash Flow, rows 6–13: Processed volume, Processed volume growth, Digital: processed volume, Unified Commerce: processed volume…
What a reviewer looks for
- TPV called revenue.
- One growth rate for all volume, so the mix cannot move.
- Transactions not derived from TPV, so processing cost does not follow volume.
Learn it, then build it
Vocabulary: Take Rate.