UPI predicted to make up 90% of retail digital payments by 2026-27

UPI transactions predicted to reach 1 billion daily by 2026-27, accounting for 90% of retail digital payments in India.

UPI accounted for 75% of total transaction volume in retail segment during 2022-23.

Indian digital payments market to grow at 50% CAGR, reaching 411 billion transactions in FY 2026-27.

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Credit card segment continues to grow, expected to surpass debit card transactions by FY 2024-25.

Debit card usage declines due to easier cash withdrawal via UPI.

Credit card business revenue accounts for 76% of overall cards' revenue, with a projected CAGR of 33% for the next five years.