Summary: Digital retail payments in India are expected to double to $7 trillion by 2030, driven by a 138% increase in Unified Payment Interface (UPI) transactions from 2018 to 2024. Retail digital payments are projected to reach $3.6 trillion by 2023-24. This growth reflects a rising preference for cashless transactions, with UPI methods gaining popularity among consumers and businesses alike.

The report highlights the evolving landscape of digital payments in India, underscoring the importance of expanding access to lower-income groups and rural areas. While urban centers lead in digital adoption, smaller villages are also embracing digital payments, marking a shift towards a cashless economy. This transition brings both opportunities and challenges, such as enhancing cybersecurity and building trust in digital systems. By focusing on inclusivity and security, India aims to strengthen its financial ecosystem.

Source: IBEF 

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