Transactions through UPI are increasing very fast. It has made India a global leader in the matter of Digital Transaction. Right now crores of transactions are being done through it every day. The use of UPI is going to increase further in the coming times. At least PwC India believes so.
Estimates in this report
News agency PTI has quoted a report by PwC India as saying that by the financial year 2026-27, there will be one billion UPI transactions per day and its share in total digital payments will increase to 90 percent. PwC India has expressed this estimate in its latest report ‘The Indian Payments Handbook – 2022-27’.
Now this much share of UPI
According to a PwC India report, the Unified Payments Interface ie UPI, which revolutionized digital payments, accounted for 75 per cent of retail transactions during FY 2022-23. It has been said in the report that in the next 3 years, the share of UPI in retail digital payments will increase to 90 percent.
Number of transactions done last year
The report also claimed that the Indian digital payments market is growing at a rate of 50 per cent annually in terms of volume. During the financial year 2022-23, 103 billion transactions were done through UPI, which will increase to 411 billion by the financial year 2026-27. Looking at it this way, it means that after 3 years, there will be more than one billion transactions per day through UPI.
RBI governor gave the figure
Recently, Reserve Bank Governor Shaktikanta Das also gave information about digital payment. He had said in a program this month that about 38 crore digital payments are being made everyday in the country. He had said that in the year 2016, where about 2.28 crore digital transactions were happening every day across the country, now their number has increased to 38 crore. Among these, the share of UPI is the highest. About 29.5 crore digital transactions are being completed everyday through UPI alone.
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