The rise and rise of UPI: A forecast for Unified Payments Interface for 2024
UPI will continue to grow at about 60% in terms of volume above 2023 UPI transactions; P2M will continue to trend higher than that of P2P transactions; P2M will be about 60% of the total UPI volume," said Mehul Mistry, Global Head-Strategy, Digital Financial Services & Partnerships, Wibmo, A PayU Company. “The forecast for 2024 envisions UPI as a pivotal player in promoting financial inclusivity, offering a convenient and interoperable solution for users nationwide.
With its user-friendly interface and widespread adoption, UPI is set to become the preferred mode of digital transactions, transcending geographical barriers," said Shikhar Aggarwal, Chairman of BLS E-Services. The forecast for 2024 envisions UPI as a transformative force, propelling India towards a future where digital transactions are not just a convenience but an integral part of everyday life, added Shikhar Aggarwal It is estimated that UPI has over 260 million users today, and this will continue to increase as smart devices further displace feature phones.
As per Mehul Mistry, the UPI 123PAY and UPI Lite services to support UPI for feature phones will help expand adoption, especially in rural areas. The benefits of international acceptance of UPI for Indians can have a transformative impact not just in terms of convenience and fund access but also in terms of economic benefits to countries that have a large number of travellers and diaspora from India.
“In 2024, we will see a lot more cross-border transactions happening using UPI rails from countries such as Singapore, the UAE, Mauritius, Oman, and Indonesia," said Mehul Mistry. As per Mehul Mistry, Unified Payments Interface (UPI) transactions are expected to continue growing steadily, reaching a
. Read more on livemint.com
