ENA Sectors 2023-05-29 17:53:08 <p><span style="font-size:14px"><strong>New Delhi, May 29 (KNN)</strong> A report by PwC India, titled The Indian Payments Handbook 2022-27 has projected that UPI will achieve a ground-breaking milestone of 1 billion daily transactions by 2026-27.</span></p> <p><span style="font-size:14px">During the period of 2022-23, UPI accounted for 75 per cent of the total transaction volume, signifying a massive shift towards digital payments. In the next five years, it is projected to strengthen its grip on the retail digital payments landscape and reach an astounding 90 per cent of the total transaction volume.</span></p> <p><span style="font-size:14px"><strong><a href="https://bit.ly/3B9mZSj"><img alt="FOLLOW US on GOOGLE NEWS" src="https://knnindia.co.in//uploads/gallery/GoogleNews.jpg" style="border-style:solid; border-width:1px; height:95px; margin:1px; width:299px" /></a></strong></span></p> <p><span style="font-size:14px">With a compounded annual growth rate (CAGR) of 50 per cent, the total number of online transactions is projected to surge from 103 billion in FY 2022-23 to 411 billion in FY 2026-27. UPI transactions, in particular, are expected to experience a substantial rise from 83.71 billion in 2022-23 to a staggering 379 billion transactions by 2026-27, according to the report.</span></p> <p><span style="font-size:14px">The PwC India report pointed out that the credit card transactions are projected to surpass debit card transactions by FY 2024-2025, marking a significant turning point.</span></p> <p><span style="font-size:14px">This shift can be attributed to the convenience and versatility offered by credit cards, making them increasingly favoured by consumers. Over the next five years, credit card issuance is expected to record a CAGR of 21 per cent, it said.</span></p> <p><span style="font-size:14px">It emphasises that the payments industry will focus on expanding the ecosystem and developing new use cases for existing payment platforms in the coming years.</span></p> <p><span style="font-size:14px">Areas such as embedded and ecosystem finance, digital lending based on payment transactions, and offline payments are predicted to drive the next phase of growth in the payments industry, it added.</span></p> <p><span style="font-size:14px">Launched in 2016 by the National Payments Corporation of India (NPCI), UPI was introduced as a real-time payment system that aimed to simplify peer-to-peer transactions and facilitate seamless digital payments. <em><strong>(KNN Bureau)</strong></em></span></p> 33516 https://knnindia.co.in/news/newsdetails/sectors/upi-transactions-to-touch-1-bn-per-day-by-2026-27-report 2023-05-29 17:53:08 knnindia.co.in