UPI to cover 90% of retail digital payments in India by 2026-27: Report

Unified Payments Interface (UPI) has been driving the digital payments revolution in India. According to a PwC report titled “The Indian Payments Handbook – 2022-27”, 75% of total transaction volume in the retail segment in 2022-23 was done using UPI. The report also claims that UPI transactions are growing at a steady pace and may reach 1 billion per day by 2026-27. As per the report, UPI is projected to account for 90% of the total transaction volume in retail digital payments over the next five years.

How the Indian digital payments market is expected to evolve
The report claims that the Indian digital payments market saw steady growth.