New Delhi . According to an estimate, by 2028-29, payments made through UPI in India will increase to Rs 439 billion. This will be 91% of the total retail digital payments. Currently, UPI’s contribution in retail payments is about 80%. According to the organization developing UPI in India, 14.04 billion transactions were done through it in June. It is estimated that it can increase to 100 billion in the next 10-15 years.
This estimate has been made in a report by PwC India, The Indian Payments Handbook-2024-29.
The PwC report said that India’s digital payments landscape has seen remarkable growth over the past eight years. The industry estimates that volumes will expand more than threefold. Digital payments are projected to grow from $159 billion in 2023-24 to $481 billion by FY 2028-29.
The payment transaction market growth in terms of value is expected to double from Rs 265 lakh crore to Rs 593 lakh crore during this period. According to a PwC India report, UPI continued its remarkable growth with transaction volume growing 57 per cent year-on-year.
According to the report, in the financial year 2023-24, the total transaction volume was a little over 131 billion. It is estimated to reach 439 billion by 2028-29. UPI now accounts for more than 80 percent of total retail digital payments in India. It is expected to contribute up to 91 percent by the year 2028-29.