The UPI framework has resulted in support for the growth of e-commerce sales in the country

Mumbai: Looking at the continuous records of transactions based on the Unified Payments Interface (UPI), the size of the e-commerce market in India, which was 83 billion dollars in 2022, is expected to reach 150 billion dollars in 2026.

With the increase in purchases through e-commerce, cash transactions are also decreasing. According to a report, the use of cash in purchases at the point of sale, which was 71 percent of total transaction value in 2019, declined to 27 percent in 2022.

With the development of new generation real time payments infrastructure, India is becoming a global leader in payments. UPI is not only reducing cash transactions by consumers but also increasing financial inclusion.

Cross-border trade is also gaining momentum with the development of real-time payments schemes by other central banks. Digital wallets are also expected to increase transaction value tremendously in the coming years.

In February 2022, the number of daily payments through UPI which was 24 crores has increased to 36 crores, Reserve Bank Governor Shaktikanta Das said at the beginning of this month.