Summary:

India's digital payments industry is booming, with transaction volumes up 42% YoY in FY24, as per a PwC report. The industry is expected to triple in volume, rising from 159 billion transactions in FY24 to 481 billion by FY29. Market value will nearly double, increasing from US$ 3.16 trillion (Rs. 265 trillion) to US$ 7.06 trillion (Rs. 593 trillion) by FY29.

The Unified Payments Interface (UPI) leads India’s digital payments revolution, with a 57% YoY growth in FY24, surpassing 131 billion transactions. By FY29, UPI transactions could reach 439 billion, making up 91% of retail payments. UPI transactions, valued at US$ 2.38 trillion in FY23, could hit 1 billion daily by FY28, and 1.4 billion by FY29, as debit card usage declines. Expanding infrastructure and innovations drive adoption in Tier 2, 3, and 4 cities.

Source: IBEF 

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