From e-commerce to kirana stores, UPI is growing in popularity. Accelerated by the pandemic, it has taken over the digital payment economy and is rapidly increasing its footprint. According to estimates, digital payments in India are expected to hit $2.15 trillion in FY22. Of these, UPI is expected to contribute to 50% of total payments. UPI has seen an 81% growth in volumes in 2020 and 103% in 2021.
The numbers are clear. UPI is not only here to stay but also increasing in terms of adoption and usage owing to its convenience and accessibility.