UPI Transactions: Total transactions on UPI are expected to grow from around 131 billion last fiscal to 439 billion by 2028-29 and will account for 91 percent of total retail digital payments. This estimate has been made in a report by PwC India. The report titled 'The Indian Payments Handbook - 2024-29' also states that India's digital payments landscape has seen significant growth in the last eight years and the industry estimates that the volume will expand more than three times. Digital payments are projected to grow from 159 billion in 2023-24 to 481 billion by FY 2028-29.

The payment transaction market growth in terms of value is expected to double. It will grow from Rs 265 lakh crore to Rs 593 lakh crore in this period. UPI has continued its remarkable growth with transaction volume growing 57 percent year-on-year, the PwC India report said.

The report said that in FY2023-24, the total transaction volume was a little over 131 billion and will reach 439 billion by 2028-29. UPI now accounts for over 80 percent of total retail digital payments in India and is expected to contribute to 91 percent by 2028-29. It further said that credit cards have seen tremendous growth in FY2023-24, with the industry adding over 16 million new cards.

With the addition of new cards, the industry has recorded a growth of 22 percent and 28 percent in transaction volume and value, respectively. On the other hand, debit cards have seen a decline in both transaction volume and value due to changes in cardholder preferences. The number of credit cards is expected to reach 20 crore by FY 2028-29, says a PwC India report.