The total transaction volume on UPI is expected to increase to 439 billion by 2028-29 from about 131 billion in the last financial year and account for 91 per cent of overall retail digital payments, said a PwC India Report. The report titled ‘The Indian Payments Handbook -- 2024-29’ also said India’s digital payments landscape has witnessed remarkable growth over the past eight years and the industry is projected to expand more than three times in volume, from 159 billion transactions in 2023-24 to 481 billion by 2028-29.
In terms of value of payment transactions, the market growth is expected to double, from Rs 265 lakh crore to Rs 593 lakh crore over the same period.
The PwC India report said UPI continues its remarkable growth trajectory with a year-on-year growth in transaction volume of 57 per cent, it said.
“In FY 2023-24, the total transaction volume was slightly over 131 billion and is expected to grow to 439 billion by 2028–29. UPI now accounts for over 80 per cent of the overall retail digital payments in India and is expected to contribute to 91 per cent by 2028-29,” the report said.
It further said credit cards have witnessed a formidable growth in 2023-24 with the industry adding more than 16 million new ones.
With the addition of new cards, the industry has also seen 22 per cent and 28 per cent surge in transactional volume and value, respectively.
On the other hand, debit cards have seen a dip in both transactions volume and value owing to the shift in preferences by cardholders.
