UPI Set to Revolutionize Digital Payments by 2028-29, Says PwC India Report

A PwC India report forecasts that UPI transaction volumes will increase to 439 billion by 2028-29, accounting for 91% of retail digital payments. The digital payments market is projected to double in value, reaching Rs 593 lakh crore. Credit cards are also seeing significant growth, while debit card usage declines.

According to a PwC India report, UPI transaction volumes are projected to rise to 439 billion by 2028-29 from 131 billion in the last financial year, making up 91% of retail digital payments.

The report, titled 'The Indian Payments Handbook -- 2024-29,' highlights that India's digital payments landscape has grown substantially, with total transactions expected to triple in volume to 481 billion by 2028-29.

In terms of monetary value, the payments market is anticipated to increase from Rs 265 lakh crore to Rs 593 lakh crore. The report also notes significant growth in the credit card sector, with a marked decline in debit card usage.