upi transaction size expected to reach rs 439 billion by 2028 29 pwc india report

New Delhi: Total transactions on UPI are expected to grow from around Rs 131 billion last fiscal to Rs 439 billion by 2028-29 and will account for 91 per cent of total retail digital payments, a PwC India report has estimated. The report titled ‘The Indian Payments Handbook – 2024-29’ also said that India’s digital payments landscape has seen significant growth over the last eight years and the industry estimates that the volume will expand more than threefold. Digital payments are projected to grow from Rs 159 billion in 2023-24 to Rs 481 billion by FY 2028-29.

The growth of the payment transaction market in terms of value is expected to double. It will grow from Rs 265 lakh crore to Rs 593 lakh crore in this period. The PwC India report said that UPI has continued its remarkable growth with transaction volume growing 57 per cent year-on-year. “In FY 2023-24, the total transaction volume was a little over 131 billion and will reach 439 billion by 2028-29. UPI now accounts for more than 80 per cent of total retail digital payments in India and is expected to contribute up to 91 per cent by 2028-29,” the report said.

It further said that credit cards have witnessed tremendous growth in FY2023-24, with the industry adding over 1.6 crore new cards. With the addition of new cards, the industry has recorded a growth of 22 per cent and 28 per cent in transaction volume and value, respectively. On the other hand, debit cards have seen a decline in both transaction volume and value due to changes in cardholder preferences. The PwC India report said that the number of credit cards is expected to reach 20 crore by FY2028-29.

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