UPI Payments: This report was prepared by consultancy firm BCG and popular third party UPI service provider PhonePay.
UPI Payment: UPI payment i.e. digital payment is going to be the most popular in the coming days. According to a report published on Thursday, this system will be very popular by 2026. At present, 40 per cent people in the country use UPI payment services, the report said. However, by 2026, it could reach about 75 percent. As a result of the Corona epidemic, the popularity of this Unified Payment Interface (UPI) began to grow. Gradually it gained immense popularity. According to the report, the current digital payment market is around 3 trillion US dollars. However, it is estimated that by 2026 it could reach close to 10 trillion US dollars.
The report was produced by consultancy firm BCG and popular third party UPI service provider PhonePay. According to the report, by the end of the 2021 financial year, digital payments have reached about 35 percent of the country’s population. But in the next five years, it could reach about 75 percent of the country’s population. Prateek Roongta, managing director of the consultancy firm, said digital transactions could increase from 40 per cent to 75 per cent. He said that at present its growth is 0.3-0.4 trillion US dollars. But in 2026 it could be 2.5-2.6 trillion US dollars.
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Pratik Ronta, Managing Director, Consultancy Firm, said: Many people are giving importance to digital payment in various financial transactions. As a result, its use has gradually increased. He further said that in the coming days this digital payment is going to increase in Tier 3-6 locations. Over the past two years, new mobile payment customers have grown by 60 to 70 percent in Tier 3-7 cities. In addition, the report mentions that another reason for the growing popularity of digital payments is the variety of discounts offered by different types of businesses. Different types of discounts are available for purchasing different items using the digital payment app. As a result, its popularity continues to grow.
At the same time, the report noted that digital payments need to be balanced with different types of offers from different companies. This is because the ecosystem can be bad if you give too much discount to make your app popular.