Payments via mobile wallets in India to outstrip ₹531.8 lakh cr by 2028: GlobalData
Value of mobile wallet transactions in India reached ₹208.25 lakh cr in 2023, with a CAGR of 72.1% between 2019 and 2023
Value of mobile wallet transactions in India reached ₹208.25 lakh cr in 2023, with a CAGR of 72.1% between 2019 and 2023
RBI also allows UPI access for prepaid payment instruments via third-party applications
Dip attributed to changing payment system, including the emergence of UPI, wallets & QR code, which has made it simple and cheaper to transfer money digitally
India Finance Report 2023 by CAFRAL under the RBI shows how UPI has changed the digital payments landscape in India
UPI transaction value increased from ₹8.3 lakh crore in January 2022 to ₹14.7 lakh crore in June 2023.
Driven by the growth of credit on the platform, UPI is targeting 2 billion transactions a day which pegs the growth opportunity in merchants and users at more than 3 times
UPI transactions see 61% year-on-year growth in volume terms, while 47% YoY growth in terms of the transaction amount
The number of UPI transactions increased to 941 crore in May compared with 889 crore in April.
Credit card on UPI, int’l transactions for foreign inbound travellers and cross-border transactions on UPI, credit lines on UPI to benefit to ecosystem players, says report
Das said in terms of value, transactions registered a growth of 17% worth ₹6.27 lakh crore in the past 12 months.