Sign up for The Paypers newsletter Follow The Paypers on LinkedIn Follow The Paypers on Twitter Follow The Paypers on Facebook
The Paypers, paypers, Insight in payments, News, Reports, Events
 advertisement
Online Payments

UPI to witness massive growth over next 5 years, BRC forecasts

Tuesday 27 August 2019 | 10:18 AM CET

Real-time payments system Unified Payments Interface (UPI) is expected grow massively in the next five years, capturing over 50% of the payments space, Boston Consulting Group forecasts.

According to the research company, between 2021-22 and 2024-25, UPI will dominate the payments space with 59% payments transactions, followed by mobile and internet-based payments, which will constitute a fifth of the total number of cash and non-cash transactions.

Other key findings:

  • the payments space during 2018-19 portrays a different picture, with ATM transactions being the highest (a third of the total cash and non-cash transactions), followed by UPI-based digital payments (17% share), point of sale machines (20%), and mobile and internet (13%), and cash comprising 5% of the total transactions;

  • ATM transactions are expected to comprise 5% of total transactions between 2021-22 and 2024-25;

  • the real-time payments system UPI registered 822.29 million transactions in July 2019;

  • of the total number of UPI-based transactions in 2018-19, GooglePay scored the maximum transactions at 36%, followed by Flipkart-backed PhonePe at 29%, Paytm at 25%, and other banks and payments instruments at 10%.

 advertisement
 advertisement
 advertisement
 advertisement