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

[{"selector":"#anim-ee79dea1-0904-410b-9873-52f6894189f8","keyframes":{"opacity":[0,1]},"delay":250,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f64c54d2-5063-4812-b14e-712a912dd369","keyframes":{"transform":["translate3d(-177.04918%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":250,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] UPI transactions predicted to reach 1 billion daily by 2026-27, accounting for 90% of retail digital payments in India.

[{"selector":"#anim-d293e9b8-baff-4819-a0c5-65be6a1f6b32 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-33.95240797112341%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] UPI accounted for 75% of total transaction volume in retail segment during 2022-23.

[{"selector":"#anim-8ddf2e48-dfe6-4c84-8ccd-35dc69b0f029","keyframes":{"opacity":[0,1]},"delay":250,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2d3b66eb-2233-4c9c-bff1-30eb26cd3883","keyframes":{"transform":["translate3d(-177.04918%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":250,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Indian digital payments market to grow at 50% CAGR, reaching 411 billion transactions in FY 2026-27.

Save time. Stay Informed with FYI: A short news app for working professionals.

[{"selector":"#anim-4250efd0-9e2b-4af5-ba80-1f7aac72bb27 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-33.95240797112341%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Credit card segment continues to grow, expected to surpass debit card transactions by FY 2024-25.

[{"selector":"#anim-48364d52-4ca1-4eab-bea3-2df2875c29b2","keyframes":{"opacity":[0,1]},"delay":250,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9c2f01a5-76e1-4705-8a27-2da35849a2a1","keyframes":{"transform":["translate3d(-177.04918%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":250,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Debit card usage declines due to easier cash withdrawal via UPI.

[{"selector":"#anim-4c1e9d2a-3e9a-4884-88cb-63163a7041e1 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-33.95240797112341%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Credit card business revenue accounts for 76% of overall cards' revenue, with a projected CAGR of 33% for the next five years. Via