UPI’s share in digital payments will be 90% in five years, credit cards will not be left behind

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New Delhi. UPI is growing very fast in India. As a result, the number of transactions through UPI in the country will reach one billion per day by 2026-27, accounting for 90 per cent of retail digital payments in the country. These things have been said in the report released on UPI by PwC India.

What did PwC India say in the report?

The report released by PwC titled ‘The Indian Payments Handbook – 2022-27’ states that payments through UPI are growing rapidly in the country. In the financial year 2022-23, its share in the total transactions of the retail sector has been 75 percent, which is likely to increase further.

The report further states that they estimate that UPI’s share in retail digital payments will increase to 90 percent in the next five years.

Digital transactions can increase 4 times

The report states that the Indian digital payments market could grow at a CAGR of 50 percent and touch 411 billion transactions in FY 2026-27 from 103 billion in FY 2022-23.

There will be strong growth in the credit card segment as well.

PwC in its report said that not only UPI, but the credit card segment will also grow rapidly in India and is expected to grow at a CAGR of 21 per cent over the next five years. By 2024-25, it will even overtake debit cards in volume.

Along with this, the growth of debit card in India can be 3 percent during this period. The reason given in the report is that debit cards are used to withdraw cash and the introduction of UPI has reduced its usefulness.