Summary:

PwC India's The Indian Payments Handbook 2024-29 predicts that digital financial transactions in India will quadruple from 159 billion in 2023-24 to 481 billion by 2028-29. The value of digital payments will double, rising from $3.16 trillion to $7.06 trillion. This surge is driven by technological breakthroughs, increased government regulation, and improved user experiences. By FY29, transaction volumes at the Unified Payments Interface (UPI) are expected to increase by 57% to 439 billion.

Credit cards have expanded dramatically, with over 16 million new cards issued in 2023-24, pushing the total above 100 million. This has resulted in a 22% increase in transaction volume and a 28% rise in transaction value. In contrast, debit card usage has declined, with volumes dropping from 3.94 billion to 2.29 billion and values falling from $86.97 billion to $70.29 billion. QR code infrastructure has grown by over 30% year on year, supported by innovations such as soundboxes and the Payments Infrastructure Development Fund (PIDF). According to Mihir Gandhi of PwC India, the payments sector will explore new use cases and ecosystems, focusing on embedded finance, ecosystem finance, digital lending, and offline payments.

Source: IBEF 

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