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India Unified Payments Interface Market Size 2024-2028

The India unified payments interface (UPI) market size is forecast to increase by USD 699.02 billion at a CAGR of 205.6% between 2023 and 2028.

The market is experiencing significant growth due to its instant and seamless money transfer process. This feature is driving the market, as more consumers prefer contactless transactions for their daily financial needs. Furthermore, the increasing use of mobile apps for shopping transactions is boosting the adoption of UPI. However, the market also faces challenges such as UPI payment frauds, which require strong data security measures to ensure user confidence. To mitigate these risks, market participants are investing in advanced security technologies and regulatory compliance. Overall, the UPI market is poised for growth, offering opportunities for innovation and expansion.

What will be the size of the India Unified Payments Interface (Upi) Market during the forecast period?

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The market represents a significant shift in mobile payment systems, enabling users to transfer money between bank accounts using a smartphone application. UPI facilitates seamless settlement through push and pull transactions, surpassing the need for physical cash and traditional over-the-counter payments. This mobile-first payment solution offers enhanced security with multi-factor authentication, safeguarding sensitive information during transactions. UPI supports recurring payments for utility bills, school fees, and other regular expenses, making financial management more efficient. While credit and debit cards and net banking continue to be popular options, UPI's convenience and instant payment processing have gained traction.
Furthermore, with UPI, users can send and receive money using a Virtual ID or account details, eliminating the need for sharing personal identification. The increasing unbanked population In the US also benefits from this innovative payment solution, expanding financial inclusion. Overall, the UPI market is poised for growth, offering a more convenient and secure alternative to traditional payment methods.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Money transfers
  Bill payments
  Point of sale
  Others


Type

  P2P
  P2M


Geography

  India

By Application Insights

The money transfers segment is estimated to witness significant growth during the forecast period.

The increasing demand for instant money transfer in India is expected to increase the demand for UPI from end-users during the forecast period. The users of UPI can transfer money through their mobile devices round the clock, 24x7 and 365 days. In addition, UPI is a fast, hassle-free, and cheapest way of money transfer, which the user can do anytime from anywhere. In addition, UPI eliminates the risk of carrying cash. Moreover, money transfer/transaction can be initiated from any bank's UPI application. Also, it only requires the virtual ID of the payee to transfer the money. The process of transferring money by UPI is quite simple as there is no need for pre-addition/approval of the beneficiary; the transfer is made to the beneficiary's virtual ID. Furthermore, a single UPI application can be used for different bank accounts. The user simply needs to link their bank accounts to their UPI-based application. Also, there is no charge for transferring money to the beneficiary account via UPI. Hence, owing to these factors, the demand for UPI for transferring money is expected to increase during the forecast period.

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The money transfers segment was valued at USD 303.00 billion in 2018 and showed a gradual increase during the forecast period.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in adoption of India Unified Payments Interface (UPI) Market?

Instant and smooth money transfer process is the key driver of the market.

The market represents a significant advancement in mobile payment systems, enabling seamless transactions between bank accounts through a smartphone application. UPI facilitates both push and pull transactions, allowing users to send and receive money instantly, without the need for physical cash or account details. This real-time gross settlement system supports transaction authentication through various methods, ensuring sensitive i

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