Digital payments in India to triple by FY 2028-29, UPI set to dominate with 91% of retail payments by 2028-29.

PwC India's "The Indian Payments Handbook 2024-29" predicts that digital payments in India will surge, with a 42% YoY transactional volume growth in FY 2023-24, projected to triple by FY 2028-29 due to innovations, new business models, and changing technology. UPI is set to continue its growth trajectory, contributing to 91% of overall retail digital payments by 2028-29, with a 57% YoY growth in transaction volume. Credit card transactions are predicted to reach 200 million by 2028-29, with a 22% and 28% surge in transaction volume and value, respectively.

August 28, 2024
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