BUSINESS

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BUSINESS

UPI to capture 90% of retail payments

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UPI dominance

UPI to account for 90% of retail digital payments in India by 2026-27, says PwC India. It has been the main driver of digital payments growth in India.

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Cash usage

UPI's exponential growth has made India a leader in digital payments, resulting in a rapid decline in cash usage, according to the FIS Global Payments Report.

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UPI transactions boom

PwC India predicts that UPI transactions will reach one billion per day by 2026-27, with a total of 379 billion transactions.

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Digital payments

Digital payments are set to continue their growth with a CAGR of 50% in transaction volume, with total transactions predicted to reach 411 billion by 2026-27.

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Card payments

Credit card payments to overtake debit cards by 2024-25, with a growth rate of 21% compared to debit cards' 3%. UPI replaced cash withdrawal.