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1 billion UPI payments made daily in the country as rural areas overtake cities in digital payments

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UPI Payment: There has been a tremendous growth in the currency of payment through UPI in the last few years. The situation is that by the year 2026-27, one billion UPI payments per day can be done in the country. A report claimed that with the increase in UPI payments, its share in digital lending has reached 90 per cent during this period. In 2022-23, this ratio was 75 percent.

 

With UPI revolutionizing digital payments, financial transactions will reach 379 billion by 2027. In the year 2022-23, this figure was 83.71 billion. Indian digital payments are growing at the rate of 50 percent per year. By 2027, the number of digital payments will reach the level of 411 billion.

Go to Credit Card Payments

Credit card payments have also increased. In the coming years, the number of credit card transactions will exceed that of debit cards. Credit card allocation has also reached 21 per cent annually. It will increase in the next five years.

According to this report, rural areas have left behind urban areas in terms of UPI payments. Rural participation in UPI payments to grow by 25 per cent in value terms in 2022-23. While the participation of cities has been 20 per cent.