India to become world leader in UPI payments volume in next 5 years: Report

The need for digital payments has never been so palpable as during the Covid-19 crisis. While India continues to battle the pandemic by being painfully low on health resources, it is estimated that the nation will be leading globally when it comes to real-time payments volume.

The 'Prime Time for Real-Time' report by ACI Worldwide Research highlights that India is poised to lead the world in the next five years in real-time payments volumes as real-time payments transaction volumes are set to grow from 15.3 billion in 2019 to a staggering 52.8 billion in 2024.

What makes India a potential leader is its payments modernization initiatives in the wake of demonetisation, giving it an edge over other nations. The report comes from an industry-first research and analyses real-time payments volumes, growth and dynamics across 30 global markets.